Fintech Startup Business Expend Launches Crowdfunding Campaign for AI-Powered App

By James White Sunday, May 16, 2021

Through the use of artificial intelligence (AI), users can shed some of the repetitive and tedious day-to-day tasks at their company. AI technology opens the door to numerous opportunities for increased productivity and workflow efficiency. From self-driving delivery drones to discovering new medicines, AI software powers many diverse business models and advanced technology across several industries. Fintech startup company Expend harnesses the power of AI technology to manage business financials through a mobile app and web platform. The fintech startup is currently seeking support from investors through a crowdfunding campaign on Seedrs.

Fintech concept.

“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

Headshot for author James White

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.

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