With the goal to build the future of expense management for companies, fintech startup Zevoy has just bagged €15 million in a Series A round led by Blossom Capital. Investors Maki.vc and Brightly Ventures also took part.
Founded in August 2020, Zevoy wants to shake up the expense management sector, bringing something to the market that is simple, smart, seamless and efficient. The Finnish startup offers an all-in-one expense management solution that links smart payment cards to efficient expense management software, saving companies time and money and improving employee satisfaction.
Christoffer Rosqvist, CEO of Zevoy, explained: “Expense management is a big pain point for many companies and their employees: it’s time-consuming and the processes are often frustrating. To solve this, Zevoy offers All-In-One business card (virtual or physical) with which you can scan receipts, match purchases with receipts, manage and forward expenses digitally into accounting. Zevoy focuses on underserved markets and especially growing companies have proven to be a sweet spot for Zevoy meaning companies that have high creditworthiness and profitability.”
Already, at lightning speed, the fintech firm has hammered together FSA approvals, as well as gained Visa Principal Membership and launched an all-in-one Visa card running on Zevoy ecosystem. Zevoy is also expecting to secure a Credit Institution license in 2022 and already offers both credit and prepaid options, compared to its competitors that only offer the prepaid option.
CEO, Rosqvist, added: “We foresee a fintech race taking place during 2022 and Zevoy is gearing up. In Finland and Sweden alone, we are adding on 100+ new customers per month and we feel confident that we have what it takes to replicate our secret sauce on eight new markets this upcoming quarter only.”
With this fresh funding, the fintech wants to bring its new-generation offering across Europe, with plans to launch in 8 new markets during Q2 of 2022 – with the aspiration to become Europe’s leading expense management solution.
Ophelia Brown from Blossom Capital commented: “The Zevoy team has a successful track record in financial services and their experience shines through as they clearly understand the needs of business users today. By offering credit and prepaid debit, as well as an easy-to-use and intuitive expense management system, Zevoy can serve any business, small or large. Opening up the addressable market in such a way has driven rapid growth and we’re excited to support the team in turning their vision into a reality”.
Paavo Räisänen, partner at Maki.vc, added: “The company and product were launched in midst of the pandemic, and every small detail in the product and operations have been designed for efficiency and fast growth. The team’s capability to execute against their growth plans has been impressive and the company is well-positioned to accelerate growth further with this new funding.”