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Business spend management company Expensya raises $20 million



Expensya, an automated spend management solution for businesses, concludes its $20 million fundraising campaign in the midst of a health crisis.

Two new funds, MAIF Avenir and Silicon Badia, have invested in the development of the fintech company, joining ISAI and Seventure, the two other funds that were raised in the previous round.

On its 7th anniversary, Expensya continues to pave its way to success with a $20 million round of funding. Following a 100% growth during the pandemic and the announcement of its new 360° spend management strategic positioning, the fintech company is writing a new chapter in its history. Its vitality, attractiveness and strong development potential have drawn in two new investors: MAIF Avenir and Silicon Badia. This is the promise of great things to come for the Franco-Tunisian company founded in 2014.

In this first quarter of 2021, Expensya carried out a new highly successful fundraising campaign. Two new investment funds are now on board: MAIF Avenir and Silicon Badia. With this, the fintech company’s ambition is set: to provide the most comprehensive payment and expense management experience involving the employee (expense reports, general expenses, online purchases, daily commute, employee benefits). Thanks to its integrated offer and its in-depth knowledge of the market, Expensya offers a complete service to its users to manage all their business expenses from A to Z. Its software solution allows companies to free themselves from low value-added tasks, making them more agile and resilient. Expensya intends to capitalize on its strengths and demonstrate its ability to meet new business practices through its technological expertise. This round of financing will allow the company to accelerate its R&D and international growth.

Accelerating its internationalization to become the global leader in spend management
Expensya’s goal is to accelerate its international expansion and its deployment across mainland Europe, and ultimately become the leader for business expense management solutions. The Expensya team is growing and strengthening to meet the challenges of tomorrow. A few days ago, Karim Jouini, CEO and co-founder of Expensya announced the arrival of Stéphanie Rogeau-Barré as Administrative and Financial Director, and Fabrice Clauzon as Director of Partnerships. Nicolas Deswarte, Marketing Director, and Mario Roche, VP Sales, were also recruited at the beginning of the year. Anh-Tho Chuong Degroote, Growth Marketing expert, has also joined the Expensya board. These new talents further strengthen Expensya’s ability to assist its clients in their digital transformation (dematerialization). This fundraising will allow Expensya to recruit, over the next three years, more than 100 new employees in addition to the 140 current employees.

Karim Jouini, CEO of the Franco-Tunisian company, is committed to developing a responsible business model that creates value over the long term, first and foremost for its employees.
Fintech players are key partners in the transformation of future companies and are accompanying the transformation of the professional environment. Expensya is one of these leading players, offering a revolutionary employee expense management solution, whose mission is to optimize processes.

“This fundraising is a testament to Expensya’s performance and reflects its ambition to be THE leader in 360° expense management. It is a powerful accelerator for the business expense automation market, offering the most comprehensive solution coupled with an optimised experience”, states Karim Jouini, CEO and Co-Founder of Expensya.

“We are very pleased and proud to be supporting the growth of Expensya, whose solution accompanies the transformation of the professional environment and strengthens organizations to make them more sustainable. We have been impressed by the company’s progress and performance since its founding and share the vision of its leader who is committed to corporate citizenship.” Milène Gréhan, head of the MAIF Avenir fund

“After evaluating several opportunities in the general space, we were very excited to find a company that has the foresight to understand what the market needs and where the industry is heading globally in terms of moving from pure expense management 1.0 tools into next generation spend management and payments solutions. Karim, Jihed and the team at Expensya have done an amazing job building an API-first collaborative platform and are in a great position to scale moving forward.” Namek Zu’bi, Managing Partner of Silicon Badia.

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Visa Introduces Its Tap to Phone Pilot in the US

The company is planning to support the black-owned small businesses in the region.



Visa, the US-based financial services provider, yesterday announced that the company has launched its Tap to Phone pilot in the United States. Visa has already tested the company’s Tap to Phone service in more than 30 countries.

According to an official announcement, Visa has selected Washington DC for the launch as the firm is planning to support the local small businesses owned by the black community. Visa mentioned that the recent launch is an integral part of the company’s objective to digitally enable 50 million SMBs.

Tap to Phone technology of Visa turns Android phones of sellers into point-of-sale acceptance devices. The financial services provider aims to expand its Tap to Phone service in other cities of the US.

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Commenting on the recent announcement, Mary Kay Bowman, global head of buyer, seller, core and platform products at Visa, said: “The way we shop and pay has forever changed. During the pandemic, tapping to pay and contactless checkout became more commonplace – and are now expected. With our technology, networking, and community resources, we’re hoping to empower small businesses everywhere to meet their customers in the next phase of digital-first commerce.”

Visa has expanded its services significantly since the start of this year. Earlier in June, the company announced a partnership with Goldman Sachs, one of the largest investment banks in the world, to facilitate small and large businesses in the modernization of the global money movement.

Black Community

In the recent announcement, Visa highlighted the importance of supporting local black-owned businesses. “We are incredibly proud to partner with Visa to celebrate and educate our fellow Washington D.C. entrepreneurs on the importance of technology, networking, and community. In addition to hosting the commerce in a box pick-up party tomorrow, we’re also one of the first businesses in the U.S. to test Visa’s Tap to Phone technology, which will be a gamechanger for so many small businesses,” Kimberly Smith, co-founder of The Brown Beauty Co-op commented.

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The Underwriter’s Gambit Part 3: Third Party Data In Auto Insurance



In previous parts of this series, increased usage of algorithmic underwriting in complex risks and prevalence of integrated workbenches in life insurance were discussed, as ways in which traditional underwriting was modernizing. In this final part, the use of third party, alternative data in auto insurance underwriting is the focus.

A recent Deloitte study found, 90% respondents in insurance struggle to find value in data they access. Though its foundation is tightly linked to data, the insurance industry still relies predominantly on the same data points they used decades ago – claims histories, credit ratings, customer demographics and general business information – to underwrite risk. Hundreds of data sets are available to insurers, but only some show strong promise, such as IoT data, new forms of open source and social media data.  Among the most common applications of IoT are telematics that provide insurers an opportunity to leverage data generated by vehicles on the roads.

According to IHS Markit, approximately 70% of new light vehicles produced in 2023 will be equipped with some form of telematics systems, with connected devices providing information on driver behavior, such as harsh braking or rapid acceleration. According to IoT analyst firm Berg Insight, the number of insurance telematics policies in force in Europe grew at a CAGR of 28.2 percent, while in North America, the CAGR was 29.6 percent.

To unlock meaningful insights, insurers combine this data with internal data, which is often in siloes. Auto insurance has already benefited over the past few years from availability of real-time motor vehicle reports, CLUE reports and credit scores. Individually, these data elements might provide limited insight into a driver’s risk profile, but together they lay the foundation for a data-driven future. By consuming emerging sources of data, personal auto insurance has arguably been able to outperform other insurance lines by bolstering key customer interaction points.

We now see players like Verisk, a leading data analytics provider, delivering telematics data from its Data Exchange, enabling auto insurers to provide usage-based insurance (UBI) to connected car drivers. It uses traditional and advanced underwriting attributes from LightSpeed Auto to help insurers streamline the UBI buying experience without upfront driving observation period, by calculating discounts at point of quote.

Verisk returns prefilled data on drivers, vehicles, coverages, licensing, violations and losses from LightSpeed Auto while scoring raw data for thoroughness and fraud. Carriers access driving behavior data from the Verisk Data Exchange, which contains normalized driving behavior attributes from consenting drivers of over 7 million connected vehicles.

Some are still skeptical of the ROI of auto telematics. Are costs to collate and digest the data justifiable against value received? What benefits accrue from underwriting decisions based on telematics versus traditional proxy data? Ongoing and future research will keep illuminating this discussion, though strides made by usage-based pioneers, make this a foregone conclusion. As Musk claims, “Ultimately, (we want) to be able to use the data that’s captured in the car … to be able to assess correlations and probabilities of crash and .. assess a premium on a monthly basis.”

The nature of risk keeps changing. Underwriters have been adapting well to evolving risks. The lines are overlapping between personal and commercial auto insurance, as are boundaries between workers’ compensation and homeowners’ coverage, with millions working from home. Insurers are gearing up to provide comprehensive solutions beyond risk transfer. Amid these tectonic shifts, forward-thinking underwriters are staying ahead of the curve to ensure they are not rendered obsolete. They are thriving in an environment that challenges them to move from hindsight, with post-facto underwriting decisions, to foresight, with active portfolio monitoring. As the future unfolds, historical data will be relentlessly subsumed with new, alternative data to underwrite evolving risks.

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Mexico based Digital Payments and Commerce Fintech Clip Secures $250M from SoftBank Latin America Fund, Others



Mexico-based Clip, a digital payments and commerce Fintech, revealed on Tuesday (June 15, 2021) that it has acquired $250 million in capital via a round led by the SoftBank Latin America Fund and Viking Global Investors LP.

Clip‘s latest investment round is the largest ever for a payments firm in Mexico. The company has become the first payments Unicorn in the world’s 12th biggest economy. Clip is valued at around $2 billion.

The Fintech firm says it pioneered simple and convenient access to virtual payments and the democratization of financial services in Mexico. The company claims it’s super focused on providing the best customer experiences and service.

Clip says it empowers businesses to easily access various financial and commerce-enabling services via its proprietary tech platform, diverse ecosystem of distribution partners, and a convenient engagement model that’s accessible to all users looking to participate in the digital economy.

Adolfo Babatz, CEO and Founder of Clip, stated:

“We are very proud to partner with two world-class investors such as SoftBank and Viking and achieve such an important milestone for a Mexican company. Looking ahead, the resources will enable us to continue to grow aggressively and continue building Mexico’s operating platform for commerce, fulfilling our vision to have Clip in every business in Mexico.”

Marcelo Claure, CEO at SoftBank Group International and COO of SoftBank Group Corp., remarked:

“Clip is the exact type of disruptive company SoftBank looks to invest in. Led by an amazing management team, Clip is using technology and AI to disrupt the financial services industry by providing essential digital solutions to merchants and small business owners in Mexico, an economy that stands to benefit greatly from digital payments. We are proud to have Clip in the SoftBank ecosystem.”

Clip’s list of investors reportedly includes General Atlantic, Ribbit Capital, Goldman Sachs, Dalus Capital, Banorte, Amex Ventures, among several others.

The firm launched operations back in 2012 with only five workers. But it has grown to around 600 employees across Mexico, the US and Argentina.

Shu Nyatta, Managing Partner of SoftBank Latin America Fund, added:

“Clip was the SoftBank Latin America Fund’s first investment, and we have been growing together in the region since then. We remain aligned on our optimism about the potential of technology and entrepreneurship, and equally excited for the opportunity to deepen our partnership.”

The transaction is currently awaiting customary approvals

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Bitcoin fans had a dream about Institutional money that turned out to be a nightmare



Many Bitcoin fans dreamt that Legacy Finance Institutions would lead the way to mainstream adoption of Bitcoin.

This dream was the narrative that drove the last Bitcoin bull market. Now that we maybe in a Bitcoin bear market, that dream has turned out to be a nightmare.

Daily Fintech subscribers were told HOW this crypto-in a-suit bull market would end. If I could have told you precisely WHEN it would end Daily Fintech would be charging subscribers $143 per second not per day. In hindsight it is obvious that the day Coinbase went public and joined the Fintech 50 Index would mark the end of the bull market (to kaching sounds as Institutions sold COIN and BTC to retail investors).

I think there will be another Bitcoin bull market – I am a long term bull. I do NOT know when it will start. I do know that the narrative of the next Bitcoin bull market will be opposite of the previous bull market:

Bull market 1 in 2013. Cypherpunks, Anarchists & Libertarians (more interested in “sticking it to the man”than making money) created the early traction that got Bitcoin from an obscure message board to the possibility of game-changing innovation. The dramatic price rises brought in Retail Speculators hoping for a quick buck to recover from the 2008 depression)

Bull market 2 in 2017. Retail Speculators. Sticking  it to the man was not high on the agenda. This brought in new capital and excited the Legacy Finance Institutions who drove the next bull market.

Bull market 3 in late 2020/early 2021. Institutions & Governments aka “the man”. This was when the Cyperpunks, Anarchists & Libertarians were thrown into the dustbin of history and the speculators are told to grow up and trust in the products sold by Legacy Finance.

The crypto-in a-suit bull market ended because Legacy Finance Institutions exist at the pleasure of Governments, so when regulators take action against Bitcoin the Institutions are vulnerable to pressure. A few whales could trigger a bear market, knowing that Governments acting would deepen the price decline.

The narrative of the next bull market will be the opposite of the recently ended crypto-in a-suit bull market. The Cypherpunks, Anarchists & Libertarians from 2013 will cheer from the sidelines but the Bull Market 4 narrative will be “First the Rest then the West” about billions of people interested in Bitcoin to help them “put food on the table”.

Daily Fintech articulated this “First the Rest then the West” Path To Mainstream Adoption 2 years ago. We are seeing signs of this in countries such as Venezuela and El Salvador.

This use case, with billions of people in countries with failing Fiat currencies, will build Bitcoin’s second leg – a currency for everyday spending.

These billions of users at the Bottom of the Pyramid constitutes an unserved market excluded from the modern consumer economy of  about $5 trillion in Purchasing Power Parity terms.

The advent of fast, low cost micropayments via offchain technology such Lightning Network also make it much easier to profitably serve the Bottom of the Pyramid. Credit Cards obviously don’t work in that market and physical cash has hidden costs (theft, time, handling etc).

Nightmares (and bear markets) do end. This too shall pass.

Daily Fintech’s original insight is made available to you for US$143 a year (which equates to $2.75 per week). $2.75 buys you a coffee (maybe), or the cost of a week’s subscription to the global Fintech blog – caffeine for the mind that could be worth $ millions.

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