Tunisian startup Expensya has announced that it has raised a seed round from local and French angel investors, in addition to France’s public investment bank Bpifrance.
While the amount of the seed fund is undisclosed, founder Karim Jouini told Wamda that the ticket was of an average size for a seed round in France.
Expensya is an expense management software that digitises company expenses, and offers companies and accounting firms cloud, web, and mobile software to report expenses.
]With the new seed money and current development, the company expects to break even by the end of 2016 as revenue is showing 50% growth on monthly basis.
This round will also enable the company to continue to invest in its digitising, archiving, and smart processing technologies, it said.
When they launched a year ago, their service was very basic where users would take a pictures of receipt and the software would process it and add it to a dashboard accessible by the person in charge of accounting.
Today, the service has evolved to processing electronic invoices (emails and pdfs), VAT and mileage expenses. Over the past year, the company has worked on developing its recognition technologies and the overall process.
They’ve also claimed to have made enhancements to help accountants manage all information. They’ve introduced new features including analytics, a multi-level approbation system, and integration with SMEs information systems.
The company employs 16 individuals of which 14 are based in Tunisia and 2 in France. It will use the seed money towards recruitment 6 more individuals in both countries.
Although it is based in Tunisia, the startup is targeting the French market and broader European market. This formula allows it to benefit from the lower operating costs in Tunisia while getting funding, support, and access to a mature market in France.
Expensya already has clients in Belgium, Swiss, Australia, Luxembourg and South Africa, but focuses on France, the UK, and Spain.