Today French fintech startup Mooncard has announced landing €20 million in fresh funding. It plans to accelerate its large-scale development in several European countries, alongside developing its national footprint, enriching its services, and the hiring of 100 new team members by 2022.
Fintech founded in March 2016 and led by Tristan Leteurtre (CEO, ex-VLC, Anevia), Damien Metzger (CTO, ex-Prestashop) and Pierre-Yves Roizot (CFO, ex-Vente-Privée), Mooncard is a leader in smart corporate cards: secure and configurable, the Mooncard card can be used to pay for any corporate expense (business expenses, online purchases, subscriptions) and to fully automate the administrative management (pre-filling of data, storage of receipts, accounting treatment).
The startup states that expense accounts have an estimated daily impact on nearly 650,000 companies in France, and nearly 2.5 million employees regularly submit expense accounts for their company. They still have to go through the same procedures (advancing money, keeping paper receipts, entering data, re-entering, reprocessing, and checking several times before getting reimbursed), which has become one of the primary daily annoyances for companies.
The smart payment card is the only tool capable of completely eliminating this inconvenience by removing a double burden of administration, and mental load (spending personal money to do their job, the fear of losing receipts or never being reimbursed, being monitored and under suspicion, and form filling, etc.).
Mooncard is one of the only corporate cards in France and even in Europe to work with both small companies and multinationals, as well as public entities, thanks to a solution enabling the management of several thousand cards for a single client. Mooncard is also the only company to fully automate the processing of expenses and expense accounts. More than 3,000 companies in France have opted for Mooncard (Cora, Odigo, Norauto, Zadig &Voltaire, Groupe Poisson, Vinci, Indigo), and over 350 accounting firms recommend this solution. Finally, companies are not the only ones trusting Mooncard, over 500 public entities have also opted for this solution as part of a major contract with the French State.
The Mooncard card is ultra-secure and can be configured in a click (e.g., a €20 or €200/day limit, activated for restaurants, petrol stations and taxis, deactivated for withdrawals, international, internet payments and weekends). The company can assign one card to each of its employees without fear. All transactions are stored in a secure cloud and can be consulted in real-time.
When an employee pays with their Mooncard card (for lunch, a taxi, a plane ticket, a computer, a software subscription), all the information about the payment is automatically and immediately pre-filled and processed in the accounts. All the employee has to do is photograph the receipt with their smartphone, which is archived with a legal value for the French authorities.
“Since we started, we have focused on fighting mental load in the workplace. Executives and company directors have enough to worry about on a daily basis without letting their minds be paralysed by an administrative problem such as expense accounts. Our ambition: to rid all employees, accountants and managers, in the public and private sectors, in small, medium and large companies, of this load. As a result, our goal is to continue to expand in the French market, but now also internationally, and to offer new intelligent digital solutions. Software and applications released in the last few years have all attempted to digitise or reduce expense accounts management, but not to eliminate it. The best solution is to automate the entire process and physically eliminate the expense account. Mooncard is the only one to do this. The best expense account is a dead expense account, one which no longer exists,” explained Tristan Leteurtre, co-founder and CEO of Mooncard.
“We are very pleased to co-lead Mooncard’s Series B, a strong company that saves valuable time for employees and finance departments of SME and SMB customers. There is no longer any need to spend hours preparing expense accounts,” said Julien Creuzé, Partner of BlackFin Capital Partners, “thanks to an agreement with Flying Blue, Mooncard is the only fintech I know which allows its users to earn Miles after each expenditure! ”
“The founders of Mooncard convinced us to invest due to their dual expertise in transactions (payment and treasury) and software (automation of accounting entries and interoperability). This expertise is unique in this sector, and that’s why they are as comfortable working with an SME as with an international group or a public administration”, said Jean-Marc Patouillaud, Managing Partner at Partech.