In a less euphoric market, acquisitions are multiplying in the fintech sector, as illustrated by the acquisition of Expensya. The fintech company has just been acquired by Medius, a Swedish provider of accounts payable automation solutions.
In early June, the Scandinavian group announced its intention to acquire Expensya, a rival to companies such as Spendesk and Mooncard. Financial terms of the deal were not disclosed.
Founded in 2014 by Karim Jouini and Jihed Othmani, the Franco-Tunisian company has developed solutions to simplify the management of expense reports and all business expenses (public transport, online purchases…), for VSEs and freelancers as well as large groups. To this end, the company has relied on artificial intelligence to automate expense processing, thereby eliminating the friction associated with manual data entry.
To date, Expensya, which raised $20 million in April 2021, boasts over 6,000 corporate customers, including Crédit Agricole, Volvo, H&M and SwissLife, enabling it to reach more than 700,000 users in some 100 countries. Expensya is a prizewinner in the Next Innov competition.
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Medius aims to take advantage of mandatory electronic invoicing in France
The acquisition of the company headed by Karim Jouini will enable Medius to strengthen its international presence, particularly in France, where a major regulatory change is expected next year. As of July 1, 2024, electronic invoicing will be mandatory for all companies established in France. “By capitalizing on Expensya’s expertise in this field, Medius is ready to meet this regulatory challenge with solutions tailored to the needs of the French market,” assures the Swedish company.
By joining forces, Expensya and Medius will be able to offer an all-in-one solution to corporate finance departments. “The AI capabilities of Expensya’s employee expense management solution and payment cards, together with Medius’s accounts payable automation platform, mean that we can now cover the full range of companies’ indirect expenses, and apply the power of AI to help finance teams optimize costs and processes across the board,” said Karim Jouini, co-founder and CEO of Expensya. This merger also signals a consolidation trend that is set to accelerate in the fintech sector, particularly among companies offering SaaS B2B solutions.
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First published in Maddyness, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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