Mooncard, a France-based FinTech that provides businesses with payments cards and expense management solutions, has announced $5.7 million in fundraising led by Raise Ventures, Aglaé Ventures and angel investors, reports said Tuesday (Jan. 22).
Mooncard combines a physical card solution with a digital expense management platform to streamline the spend management process for businesses. Reports noted that commercial card adoption in France is limited, making expense management a challenge for companies. The Mooncard solution links businesses with a way to issue cards to their own employees that can be set with custom spend controls.
When employees make a purchase on the card, they receive a text message with a link that brings them to a portal through which they can upload a photo of the receipt and add additional details about the purchase.
Managers then gain visibility into the spend on those cards through a unified digital platform, while they are also able to top-up accounts linked to the cards. Reports said Mooncard has an existing partnership with Wirecard that lets businesses reload cards with company funds from directly within the platform.
Separate reports in La Tribune on Tuesday (Jan. 22) said Mooncard Founder Tristan Leteurtre noted more than 50 criteria from which businesses can choose to customize spend settings on cards they issue to employees. Details from purchases are linked to the Mooncard platform in real time for authorization by managers.
The company currently has about 1,000 corporate customers, each with an average of between five and 10 payment cards, though Leteurtre noted that some of its largest clients are issuing 200 cards to their staff.
The new funding will go toward expansion, with Mooncard aiming to secure 30,000 clients by 2022 – between 5 and 10 percent of France's market of 2.5 million employees, Leteurtre said.
In the U.S., Brex has emerged as another company combining payment cards with expense management technology, recently raising $125 million in funding.