Expend, the AI-powered fintech startup changing the way businesses manage expenses and spending, has announced a great start to its crowdfunding campaign on Seedrs.
Expend have been carrying out a crowdfunding raise on Seedrs throughout May and June 2021, and have smashed their target. The campaign is now 165% overfunded, with over 425 investors investing. The campaign ends this week.
The company is experiencing a strong growth period having performed well in the past turbulent year with revenue more than doubling, largely because the platform has become a core part of a business’ technology stack, bridging the gap between financials and accounting.
Through an innovative mobile app and web platform, Expend takes business expense management to the next level by simplifying and automating the process for finance teams and employees alike.
With fraudulent expense claims costing UK businesses more than £2bn per year according to Global Payroll Association, Expend’s all-in-one expense management tool makes the laborious and unreliable process efficient, reducing fraud by increasing accuracy and ensuring accountability, saving businesses countless hours in needless admin.
Expend provides a full suite of expense and spend management tools including optional contactless payment cards, receipt and invoice management, mileage tracking, spending approvals and expense reimbursements all in one platform.
Having raised more than £3.5m to date, Expend’s use of funding has led to excellent customer traction and wide spread penetration into the UK SME market so far, and the aim is to rapidly build on this growth by utilising a network of fintech investors via the Seedrs platform.
Led by Investors in the banking and payments field, Expend’s campaign has got off to an impressive start, raising more than 165% of their minimum target. The campaign ends on 19th June 2021.
Johnny Vowles, CEO and co-founder of Expend, said: “We couldn’t have asked for a better start to our fundraising campaign. Expend’s service is heavily relied on by our customers and the time and money-saving benefits are incredibly important in today’s climate. It is great to have so many new investors join us, and we’re very grateful and are excited to get on with taking Expend to the next level.”