Tunisia-based expense reporting startup Expensya has raised a fresh funding round worth $1.1 million from a group of investors.
The funding will support its international expansion and enable it to enhance research and development.
The capital increase will enable Expensya to continue to invest in digital processing, archiving and processing technologies to make expense reports intelligent, said Karim Jouini, co-founder of Expensya.
The firm will also intensify recruitment of sales forces and deploy its strategy internationally, Jouini added.
Founded in 2014, the startup is based on e-learning and intelligent processing, and manages close to €1 million expenses per week from customers such as Viseo, Elior Group, TLD, and Tecsidel.
The startup offers companies and accounting firms cloud, web, and mobile software to report expenses.
Expensya allows SMEs to easily report their expenses by capturing them on a phone and hosting them in the cloud.
This enables them to manage employee expenses and export the data to several accounting platforms.
In May 2016, Expensya raised an undisclosed amount of funding from funding from a group of Tunisian and French angel investors as well as public investment bank Bpifrance.
Expensya follows a Software as a Service (SaaS) subscription model.
At that time, it claimed its revenues were growing at 50% on a month-on-month basis.
Its sweet spot is companies with 100 employees where the firm usually has no internal process, Jouini said then.
The startup, which employs more than 20 people, sells its services across more than 23 markets, including Australia, the US, South Africa, Belgium, and Luxembourg. France is its biggest market.
Targeting foreign markets while based out of Tunisia allows it to benefit from the lower operating costs in the home country while getting funding, support, and access to mature markets.