Fintech startup Expend has topped its £500,000 goal on Seedrs and currently stands at over £820,000 from 433 individual investors.
Expend previously raised capital from angel investors as well as a prior crowdfunding round.
The offering is for a 4.01% equity stake in Expend at a pre-money valuation of £19.7 million. The securities offering is EIS eligible.
Expend is a service that seeks to improve the expense management process by keeping businesses efficient by simplifying & automating operations. Either via a mobile App or website, Expend offers its service along with optional contactless payment cards, receipt & invoice management, mileage tracking, spending approvals and expense reimbursements all in one platform.
Expend is targeting the £13 billion travel and expense management sector.
Expend’s business model utilizes a hybrid revenue strategy with monthly recurring subscription revenue as well as income from the use of payment products and cards. For subscriptions, the fee starts at £6.99/month per user with enterprises over a certain size being charged less per user.
Expend reports that it more than doubled revenue in 2020. The securities offering is scheduled to end later this week.
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