Happay Adds To Series B For Expense Management Tech

India expense management company Happay secured more funding after its Series B round, according to an unnamed source cited by VCCircle on Friday (Feb. 16).

The publication said Happay raised about $250,000 from Cupola Venture Opportunities, which placed the funding last December. The investment follows a Series B funding round that raised $10 million, also announced last December; that investment was led by Sequoia Capital, while Singapore’s Axiom Capital, a private equity fund, and AME Cloud Ventures also participated, among others.

VCCircle said Happay did not respond to requests for comment on the latest investment.

Happay initially launched as a consumer mobile wallet tool but later pivoted to become a corporate expense management company that offers businesses commercial cards and spend management capabilities. The company also provides expense report generation tools, international travel cards and other card products based on spend category and scenario.

Previously, Happay augmented its solution through the launch of its “Express On-boarding Program,” enabling small businesses to more quickly and seamlessly onboard to Happay’s tools. The move was in response to India’s sudden demonetization efforts that led to a surge in demand for card payment solutions among the nation’s small businesses.

Last month, investors placed funding in another corporate expense management company. MobileXpense announced $24 million in funding for its tool, which targets middle-market organizations. That investment round was led by Fortino Capital via its Digital Growth Fund; MobileXpense said it would use the funding to focus on expansion.

Days prior, Chrome River, another expense management firm, raised $35 million led by Argentum Group, Bain Capital, First Analysis and Great Hill Partners. That funding, Chrome River said at the time, would be used for international expansion, customer support development and potential mergers and acquisitions.