Founded in 2013, Expend is described as a smart solution for financial management with a mission to simplify user’s expenses, increase company, efficiency, and provide value for money. The company revealed:
“Expend is designed to make dealing with expenses and company spending as efficient and automated as possible. So far our app links to Crunch accounting software and we expect to integrate with other platforms in the near future. Our smart app and payment card is designed to capture expenses as they occur, reducing errors and delays. Transactions will sync automatically to popular accounting systems like Xero and Crunch. We also plan to provide simple Excel outputs for those who don’t use accounting packages. We’ve eliminated hidden fees, costs and FX mark-up, and will charge a simple, great value monthly subscription.”
Expend currently has more than 400 active test users and its cards have been tested and are ready for use. The company notably carries none of the risks of credit cards. During a recent interview, CEO and co-founder of Expend, Johnny Vowles, stated:
“We identified a big pain point that until now has only been partially solved. There are lots of apps and services for managing expense clams and the reimbursement process, but none of them deal with the problem at source. We believe that if you enable employees to pay for expenses using a company card, but you control the transactions with strict budgets, the whole process will streamline and save companies money and time.”
Also speaking about the company looking to Crowdcube for funds, Vowles noted:
“Crowdcube has funded a umber of successful fintech companies on the platform this year, including Revolut, Monzo [formerly Mondo], and GoHenry, so it seemed to have a suitable audience. Equally, engaging with users helps us in multiple ways, including improving our product and prioritizing features. Offering this round through the Crowdcube platform is advantageous in more way than just raising the funds we need to grow; it helps build a community of ambassadors and advocates, which is invaluable. We hope it will help psuh our company forward in all respects.”
Funds from the campaign will be used to grow Expend’s team, its product and marketing, support popular accounting platforms, roll out API, and add Android support. Since its launch, the initiative has successfully secured nearly £250,000 from over 50 investors. It is set to close at the end of January.
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