Expend, the AI-powered fintech startup changing the way businesses manage expenses and spending, has announced a great start to its crowdfunding campaign on Seedrs.
The company is experiencing a strong growth period having performed well in the past turbulent year with revenue more than doubling, largely because the platform has become a core part of a business’ technology stack, bridging the gap between financials and accounting.
Through an innovative mobile app and web platform, Expend takes business expense management to the next level by simplifying and automating the process for finance teams and employees alike.
With fraudulent expense claims costing UK businesses more than £2bn per year according to Global Payroll Association, Expend’s all-in-one expense management tool makes the laborious and unreliable process efficient, reducing fraud by increasing accuracy and ensuring accountability, saving businesses countless hours in needless admin.
Expend provides a full suite of expense and spend management tools including optional contactless payment cards, receipt and invoice management, mileage tracking, spending approvals and expense reimbursements all in one platform.
Having raised more than £3.5m to date, Expend’s use of funding has led to excellent customer traction and wide spread penetration into the UK SME market so far, and the aim is to rapidly build on this growth by utilising a network of fintech investors via the Seedrs platform.
Led by Investors in the banking and payments field, Expend’s campaign has got off to an impressive start, raising more than 120% of their minimum target in the private pre-launch phase. The Expend Seedrs campaign launches publicly on Monday.
Johnny Vowles, CEO and co-founder of Expend, said: “We couldn’t have asked for a better start to our fundraising campaign. Expend’s service is heavily relied on by our customers and the time and money-saving benefits are incredibly important in today’s climate. We’re very grateful and are excited to get on with taking Expend to the next level.”
- Founded in 2016, Expend has steadily grown its customer base and has helped thousands of UK SMEs save time, money and effort by consolidating management, payment and accounting tools into a highly streamlined process.
- Expend provides real-time insights into company spending and gives control back to businesses, through customisable security controls such as spending allowances on Expend Mastercards and approval flows mirroring company hierarchies and structures. Expend does all the heavy lifting such as chasing missing receipts and neatly filing everything into a business’s accounting software platform.