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.
If you want to find more details about the acquisition of Expensya by Medius and find the latest business news of the day, download for free our companion app Born2Invest.
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.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in Maddyness, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us
What Is the Role of Fintech Companies in the Payments Ecosystem
The CEO of BIT2ME referred to the future of fintech as "good". However, he stated, "We live in a society...
UN Report Calls on Member States to Stop Criminalizing Drug Users
The report shows that a growing number of countries in all regions are adopting policies and practices that decriminalize drug...
Markets Heated Up This Past Week as Guidance from the Fed Was Bearish
The Fed left rates unchanged at this past week's meeting as expected but the guidance was hawkish. Markets didn't like...
Current Woes in Bonds Promise Future Grief for Stocks: Focus on Dow Jones
If you’re bullish, maybe you should lower your expectations of what the stock market can do for you in the...
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [uMobix Affiliate Program Review]
This week, we're covering everything from hustle culture to spying on kids, making this affiliate digest look like it has...
Crypto2 weeks ago
Breakthrough Crypto Profits — Top Earners Are Turning to ICONOMI Copy Trading
Fintech5 days ago
Latin American Fintech Companies that Raised the Most Capital This Year
Fintech2 weeks ago
Fintech Company Cleafy Raises €10 million
Crypto7 days ago
Ripple’s IPO Plans – What Do They Mean for XRP?