N2F Raises $25 Million to Expand Expense Management Platform

French expense management platform N2F is preparing to expand after raising $25.5 million.

“N2F’s ambition is to grow internationally across Europe where it can help over 20 million businesses reduce the time and cost of processing expenses,” the Lyons-based company said in a news release Monday (March 6).

“2022 was a transformational year for N2F as it prepared for international expansion by significantly increasing its workforce and launching Keeple, a SaaS solution to manage personnel leaves and absences.”

Founded in 2015, N2F’s solution includes features such as smart scanning, tax-compliant archiving, real-time monitoring and artificial intelligence-powered anti-fraud tools. Its new funding came in the form of a strategic growth investment from PSG Equity.

The funding comes a little less than a month after another European spend management firm, Mazepay, raised $4.3 million to expand its platform.

“With the increased uncertainty that many businesses are facing, and the ever-growing need to cut costs, create transparency of spend and reduce risk, our solution has never been more important,” Mazepay founder and CEO Soren Aabel Hammer said at the time.

“The B2B payments market is growing at a rapid pace, and our vision is to be the go-to platform for businesses that require a safer and more efficient way to handle purchases.”

The expense management world is one that has changed since the COVID-19 pandemic, as PYMNTS noted last month in a conversation with Oded Zehavi, CEO at Mesh Payments.

In his view, prior to the pandemic, businesses tended to see spend management as nothing more than receipt collection and reimbursements around company-related expenses.

“COVID changed that,” Zehavi said, “and now [spend management] is about how do you orchestrate payments and control visibility in organizations that are mostly distributed and remote. How do you pay the tens or hundreds of staff services, your media agencies and media in general? Now [spend management] is a different challenge, much bigger and something that in my mind only technology can solve.”

That’s why we’re seeing a recent burst of change and renewal of the CFO stack that lets finance teams solve these problems, Zehavi added.

Employing a modern operational foundation that can leverage the newest technology makes a business nimble and equips it to respond to environmental changes. It all ties back to the concept of visibility. In order to address a problem, you first need to see it.