Building the future of expense management for companies, Finnish fintech startup Zevoy has raised a €15 million funding. The Series A round was led by Blossom Capital with participation from European investors Maki.vc and Brightly Ventures. With the freshly infused capital, the startup plans to roll out operations in eight new markets during the second quarter of 2022.
Founded in August 2020, the Helsinki-based platform aims to create a simple, smart, seamless and efficient expense management solution for companies. It links smart payment cards to efficient expense management software, saving companies time and money.
According to Christoffer Rosqvist, CEO, Zevoy, expense management is a big pain point for many companies and their employees. “It is 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. We focus on underserved markets and growing companies, which have proven to be a sweet spot for Zevoy.”
In a span of a year, the team has received FSA approvals and launched an all-in-one Visa card running on Zevoy ecosystem. Going forward, the fintech is expected to secure a Credit Institution license in 2022.
Talking about the intense competition in the fintech segment and how the company is all set to join the race, 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.”
Ophelia Brown, founder, Blossom Capital said: “By offering credit and prepaid debit, as well as an easy-to-use and intuitive expense management system, it can serve any business, small or large. Opening up the addressable market in such a way has driven rapid growth.”