Expense management and reporting software company Xpenditure announced yesterday (Oct. 12) it secured $5.7 million in its Series A funding round.
The company confirmed its new capital will be used to support growth initiatives and continue its vision to “rid the world of receipts and expense reports.”
“What’s happening today is not the end but merely the beginning. While we have achieved much to date, we are now embarking on the next phase as we look to grow in Europe and beyond,” Xpenditure Cofounder and CEO Boris Bogaert said in a company blog post announcing the investment.
“We will be doubling the team in the next four months and investing further in our technology, building an expense management solution that our customers continue to value as we strive to save our users time managing expenses,” he added.
In the two years since the company started, Xpenditure has expanded its customer base across 40 countries, servicing anyone from big-name enterprise customers to SMBs and even freelancers.
“Our customer is literally everybody with a job — in the world,” Bogaert told TechCrunch when asked about the company’s target customers. “We don’t think there’s anyone who doesn’t have to send a receipt to their boss or accountant from time to time.”
Xpenditure claims to handle the entire business expense process, providing a mobile app for convenient receipt scanning and the ability to submit them directly to its cloud-based expense management software. Customers are then able to further organize and analyze submitted data through the startup’s Web app until they are ready to generate and automatically submit the completed expense report.
“Our main competitors by far are still Excel sheets and stuffed envelopes full of receipts. Accountants hate these because they get a big pile of messy paper at the end of the month that they need to sort out before the last day of the quarter or month,” Bogaert explained.
“Xpenditure transforms that messy pile into a manageable stream of digital requests throughout the month. We are able to eliminate peaks for accounting people, which is why accountants and CFOs are generally big fans of us.”
The emergence of new, mobile-ready tools to ease friction in expense management follows recent research released earlier this year by European travel and expense management provider KDS. The study revealed that nearly half of workers in the U.K. still produce expense reports by manually entering data into a spreadsheet. The process takes up time and money, according to KDS, which found that processing a single expense report manually costs businesses an average of $26.63.
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