The archive · Developer & Business Tools · Product decision · 2014–2023
Expensya: Tunisian expense software that doubled revenue and sold to Medius
Expensya built AI-powered expense software from Tunis, grew to 700,000 users in 100+ countries, and sold to Sweden's Medius in 2023.
Expensya
What the business is
Expensya is a Tunisia-founded SaaS company whose web, mobile and smart payment-card tools automate employee expense management for finance teams; founded in 2014 by former Microsoft engineers, it grew to more than 6,000 customers and 700,000 active users before Sweden's Medius acquired it in 2023.
How it started
Karim Jouini and Jihed Othmani, former Microsoft software engineers, founded Expensya in Tunisia in 2014 and built a SaaS platform whose web, mobile and smart payment-card tools automate employee expense management, integrating with ERP systems such as SAP, Oracle and Microsoft Dynamics (ITWeb Africa; Disrupt Africa).
What happened
The company raised a $20M Series B in May 2021 after earlier rounds in 2016, 2017 and 2018, and grew to more than 6,000 customers with 700,000 active users in over 100 countries and a 200-plus person team across Tunisia, France and Germany after more than doubling recurring revenue in two years (Disrupt Africa).
How it ended up
Medius, a Swedish accounts-payable automation firm, announced in June 2023 that it would acquire Expensya for an undisclosed sum and completed the deal on 2023-07-25, calling it a landmark moment for fintech in North Africa and a boost to the Tunisian fintech sector (ITWeb Africa; Disrupt Africa; Medius).
Background
Expensya was founded in Tunisia in 2014 by former Microsoft software engineers Karim Jouini and Jihed Othmani, who built a SaaS platform whose web, mobile and smart payment-card tools automate employee expense management (ITWeb Africa; Disrupt Africa).
Growth came from serving CFOs directly: more than 6,000 customer companies and 700,000 active users in over 100 countries, with headcount passing 200 people across Tunisia, France and Germany after the company more than doubled recurring revenue in two years (Disrupt Africa).
Investors backed the export story: Expensya raised $20M in a Series B in May 2021, following earlier rounds in 2016, 2017 and 2018, and the founders kept the company independent as it expanded in Europe (Disrupt Africa).
Sweden's Medius, an accounts-payable automation firm with about 4,000 customers, announced the acquisition in June 2023 and completed it on 2023-07-25 for an undisclosed sum, calling it a landmark for the Tunisian fintech sector (Disrupt Africa; Medius).
What has to be true
- The founders bet on product over outsourcing: build software for CFOs, not code for hire, from a city with deep engineering talent.
- Expense automation was a global pain with a fragmented market, so a mobile-first, AI-assisted platform could win customers in 100 countries.
- France became the beachhead: strength there is why Medius wanted Expensya ahead of the French e-invoicing mandate.
- Revenue doubling in two years made the company attractive enough to sell on its own terms to a bigger platform.
What can be applied
A B2B niche can be won from a non-obvious home: Expensya sold expense automation from Tunis, doubled revenue in two years, and became a bolt-on acquisition for Medius.
Aftermath
Medius completed the acquisition on 2023-07-25 for an undisclosed sum, calling it a landmark moment for fintech in North Africa and a boost to the Tunisian fintech sector. The 200-plus team joined Medius, which said it had already started combining Expensya's employee spend tools with its accounts-payable automation, and that Expensya's strength in France would help it capitalise on the French e-invoicing mandate due 2024-07-01.
Sources
- Tunisian expense management company Expensya to be acquired by Swedish firm
- Swedish software firm Medius to acquire Tunisian-born Expensya
- Media Alert: Medius Completes Acquisition of Expense Management Firm Expensya
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