Swedish firm Medius to acquire Tunisian expense management company Expensya for undisclosed amount

Expensya, a Tunisian-based provider of expense management software, will be purchased by Swedish rival Medius for an undisclosed sum.

Expensya is a software-as-a-solution (SaaS) platform that assists businesses of all sizes in managing their expenses. It was founded in 2014 by Karim Jouini and Jihed Othmani. With 700,000 active users across more than 100 countries, its web, mobile, and smart payment-card solutions automate spend management for more than 6,000 customers.

Following earlier rounds in 2016, 2017, and 2018, the company raised a US$20 million Series B funding round in May 2021. Over the previous two years, it more than doubled its recurring revenue and increased the number of its employees to more than 200, with offices in Tunisia, France, and Germany.

For mid-market and enterprise accounts payable teams, Medius has created a software platform that links and automates invoice capture, processing, and payments using artificial intelligence. This platform enables teams to automatically detect potential fraud or duplicate payments using anomaly detection technology to proactively spot risks.

The business claimed that Expensya’s acquisition and its potent AI-enabled, mobile-first employee spend management capabilities would enhance its own strengths in fields like autonomous AP, payments, procurement, sourcing, contracts, and supplier onboarding. Additionally, it stated that the two businesses’ complementary product and geographic strengths would help them grow and cross-sell more quickly in the fiercely competitive business applications market.

“Expensya has developed a leading employee spend management solution in Europe, with innovative features and AI-powered innovation,” said Jim Lucier, CEO of Medius.

“Its founders, Karim and Jihed, and its leadership team share our ambition to transform the spend management category using the power of automation and AI. Together, we can offer CFOs solutions that help them transform finance while empowering their teams.”

CEO of Expensya Karim Jouini claimed that mid-sized companies and their CFOs were “clearly looking” for a single platform to effectively manage their spending.

“By combining our employee spend management solution and payment cards, with Medius’s AP automation platform, we now cover the whole indirect spend of companies and can apply the power of AI to help finance teams optimise cost and processes across the board. We look forward to writing the next chapter of our story with Jim and the rest of the Medius team,” he said.