“We couldn't have asked for a better start to our fundraising campaign,” said Johnny Vowels, CEO and co-founder of the fintech startup company. “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."
Expend hoped to raise a little over $700,000 for the startup company and its app through the crowdfunding campaign. However, over 120 investors have already pooled almost $830,000 in support of the business. The Seedrs campaign still has a little over a month left for investors to purchase equity in the fintech startup. Prior to the newest fundraising efforts, Expend generated over $2.1 million from angel investors and nearly another $2 million from crowdfunding, according to Crunchbase.
Managing Business Finances With AI
Founded in 2016 by Vowels and entrepreneur Rudolph Graan, Expend helps manage company financial records through a mobile app platform powered by AI. The company aims to help its users increase productivity in their business by automating repetitive tasks like recording receipts and ensuring accuracy by avoiding the potential for human error.
The app platform built by the company uses AI technology to automatically log any expenses by employees. Furthermore, the Expend app is capable of generating digital company Mastercards with scheduled allowances for employees. The platform also sports other helpful features for employers, such as mileage tracking, real-time payment notifications, and the ability to process out-of-pocket claims.
The London-based fintech startup monetizes its app platform through user subscription plans, in addition to taking a small percentage of any transactions processed through the software.
Tackling the Expense Management Industry
Providing accurate records of company transactions is crucial, especially if business owners want to avoid incurring losses related to false expense claims. Market research projects the global travel and expense management software market to grow by $2.85 billion from 2020 to 2024.
The industry is growing rapidly, and Expend is not the only one taking advantage of it. Financial services startup Expensify garnered over $38 million from investors to build out its own expense management platform. Another startup, Pleo, has also seen significant support from investors, raising over $78 million since its founding in 2015. Expend will have plenty of competition in the financial management software industry as it attempts to grow and capture a greater share of the market.
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.