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Business spend management company Expensya raises $20 million

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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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Source: https://www.finextra.com/pressarticle/87389/business-spend-management-company-expensya-raises-20-million?utm_medium=rssfinextra&utm_source=finextrafeed

Fintech

Novatti grows Ripple partnership, expanding into Thailand

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Novatti Group Limited, a leading Australian fintech that enables businesses to pay and be paid, announces that its partnership with Ripple, a leading provider of enterprise blockchain and crypto solutions for cross-border payments, has now expanded to Thailand and is generating revenue.

Ripple’s global financial network technology, RippleNet, provides its partners with the ability to process cross-border payments instantly, as well as providing access to emerging, high-growth capabilities, such as blockchain and the digital asset, XRP, a top 10 global cryptocurrency currently valued at more than USD$40 billion.1

Novatti and Ripple’s partnership began in December 2020, with an initial focus on targeting cross-border transactions between Australia and the South East Asia region. In April this year, Novatti tapped on RippleNet’s On-Demand Liquidity (ODL) service for remittances between Australia and the Philippines, leveraging XRP for instant, cross-border payments.

With this expansion to Thailand, Novatti has partnered with the first Thai bank, Siam Commercial Bank (SCB), through RippleNet.2 This is expected to result in thousands of transactions a month being processed by Novatti through RippleNet. Revenue from this partnership is dependent on take-up of the services.

Going forward, Novatti and Ripple will continue partnering to launch this innovative service in new markets across South East Asia.

Managing Director of Novatti, Peter Cook, said, “The partnership between Novatti and Ripple continues to go from strength to strength. Within the first year of our partnership, we have successfully launched and generated revenue from new services in two countries in South East Asia alongside leading local partners, such as Siam Commercial Bank.”

“The expansion of the Novatti-Ripple partnership into Thailand again highlights how Novatti can leverage its existing ecosystem to enter new markets. This is a model we will seek to replicate going forward, including in other new markets in South East Asia,” Cook added.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://australianfintech.com.au/novatti-grows-ripple-partnership-expanding-into-thailand/

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Fintech

Novatti grows Ripple partnership, expanding into Thailand

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on

Novatti Group Limited, a leading Australian fintech that enables businesses to pay and be paid, announces that its partnership with Ripple, a leading provider of enterprise blockchain and crypto solutions for cross-border payments, has now expanded to Thailand and is generating revenue.

Ripple’s global financial network technology, RippleNet, provides its partners with the ability to process cross-border payments instantly, as well as providing access to emerging, high-growth capabilities, such as blockchain and the digital asset, XRP, a top 10 global cryptocurrency currently valued at more than USD$40 billion.1

Novatti and Ripple’s partnership began in December 2020, with an initial focus on targeting cross-border transactions between Australia and the South East Asia region. In April this year, Novatti tapped on RippleNet’s On-Demand Liquidity (ODL) service for remittances between Australia and the Philippines, leveraging XRP for instant, cross-border payments.

With this expansion to Thailand, Novatti has partnered with the first Thai bank, Siam Commercial Bank (SCB), through RippleNet.2 This is expected to result in thousands of transactions a month being processed by Novatti through RippleNet. Revenue from this partnership is dependent on take-up of the services.

Going forward, Novatti and Ripple will continue partnering to launch this innovative service in new markets across South East Asia.

Managing Director of Novatti, Peter Cook, said, “The partnership between Novatti and Ripple continues to go from strength to strength. Within the first year of our partnership, we have successfully launched and generated revenue from new services in two countries in South East Asia alongside leading local partners, such as Siam Commercial Bank.”

“The expansion of the Novatti-Ripple partnership into Thailand again highlights how Novatti can leverage its existing ecosystem to enter new markets. This is a model we will seek to replicate going forward, including in other new markets in South East Asia,” Cook added.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://australianfintech.com.au/novatti-grows-ripple-partnership-expanding-into-thailand/

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Payments

American JP Morgan cat lands among the UK digital bank pigeons and Big Five high street bank cats

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Our London banker techno entrepreneur, Howard Tolman, is on holiday today so I am covering for him with a story he suggested.

Our 2017 post looked at the chances of  Challenger Banks breaking  the massive bank concentration in the UK. The UK has one of the most concentrated/ consolidated banking markets in the world with the top 5 banks (Lloyds, Barclays, RBS, HSBC, Santander) accounting for 85% market share. By contrast, the big banks only account for about 44% in America and 25% in Germany.

The question is, who can challenge  this level of concentration & consolidation:

digital only startup banks funded by VC like Revolut, Starling and Monzo? Many high profile/well funded digital only startup banks have failed and the best have “nosebleed” valuations. Some digital only banks funded by VC like Revolut are going global, so this market battle is getting interesting.

– digital only banks created by a big foreign bank such JP Morgan, an investment bank with enormously deep pockets? Their UK digital bank is branded Chase, the same name as its US retail bank, which serves half of American households.

-digital only banking services offered by tech giants, such as Alibaba and Tencent in China, and Amazon, Google and Apple in the US?

The news that  JP Morgan was planning to launch a digital bank in the UK broke in January. The news this week is that they are actually launching

It will be interesting to see if JP Morgan’s deep pockets will win. In this game, size matters but so does agility & focus. It is easy for a big bank to launch a digital bank with a separate brand and many have done so, but few have got to scale.

One thing is for sure, the economics of high street branch banking are awful. The winner will be a digital bank; the only question is whether that digital bank will be funded by VC or a bank or a tech firm.

The key is an old fashioned idea – great customer service – with a modern twist – 24/7. WordPress manage to do this for a low cost digital service, so it is possible. The first digital bank to do this well may become a big market winner.

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.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://dailyfintech.com/2021/09/24/american-jp-morgan-cat-lands-among-the-english-digital-bank-pigeons-and-big-five-high-street-bank-cats/

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Payments

XBRL News from down under, about climate and certifications

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Here are the three most relevant developments in the world of structured reporting we became aware of in the course of last week.

1  New era for Australian data collection as APRA connect goes live

Congratulations to the Australian Prudential Regulation Authority! On 13 September, its new data collection portal, APRA Connect, went live. Replacing the old software-based Direct to APRA (D2A) system, this Is a web-based platform allowing regulated entities to securely connect and manage all communications with APRA (and fully supporting XBRL-based reporting). 

Yet another country with regulatory project for the XBRL palmares!

2  Added value for XBRL software certification: taxonomy and report package capabilities

We are delighted to announce the addition of a valuable feature to the XBRL Software Certification programme, which has been expanded to include the Taxonomy Package and Report Package formats. Essentially, this means that the certification process will not only confirm that software is able to correctly create and validate XBRL reports according to the appropriate specifications, but also that these reports and any accompanying extension taxonomies are properly packaged. This ensures that they can be opened reliably in other XBRL software.

Given the black-boxiness of XBRL software for most users, certification is very important to assure a piece of software’s quality.

3  EFRAG releases working paper on climate reporting standards

It is still relatively early days, but do you want to know more about the thinking thus far as the European Financial Reporting Advisory Group works toward shared sustainability standards? Its Project Task Force on European sustainability reporting standards (PTF-ESRS)​ recently discussed and released a working paper titled ‘Climate standard prototype,’ prepared by its relevant subgroup. 

Some heavy weekend reading for those of us interested in climate reporting. The IFRS Foundation’s team will be watching, too …

—————————————————————

Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.

 We have a self-imposed constraint of 3 news stories each week because we serve busy senior leaders in Fintech who need just enough information to get on with their job.

 For context on XBRL please read this introduction to our XBRL Week in 2016 and read articles tagged XBRL in our archives. 

 New readers can read 3 free articles.  To  become a member with full access to all that Daily Fintech offers,  the cost is just USD 143 a year (= USD 0.39 per day or USD 2.75 per week). For less than one cup of coffee you get a week full of caffeine for the mind.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://dailyfintech.com/2021/09/23/xbrl-news-from-down-under-about-climate-and-certifications/

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