Expend is a next-generation expenses platform changing the way businesses manage expenses & spending.
- Year on Year Sales Growth
- More than Doubled Revenue in 2020
- 96% of Customers Recommend Us
- All-in-one Expense Platform for businesses with 1-500+ employees
Expend takes expense management to the next level, keeping businesses efficient by simplifying & automating the process for finance teams and employees alike.
Through an innovative mobile app and web platform, Expend provides optional contactless payment cards, receipt & invoice management, mileage tracking, spending approvals and expense reimbursements all in one platform.
The global travel and expense management software market is expected to reach $17.4bn by 2027, expanding at an annual growth rate of 12.4% (Grand View Research Inc). Meanwhile, fraudulent expense claims cost UK businesses over £2bn per year (Global Payroll Association).
Expend is solving this by taking a holistic approach to company spending, coupled with a deep understanding of the core issues companies face around general accounting. The result is a purpose-built solution that empowers SMEs and their employees to submit and manage their expenses with ease and confidence.
Substantial accomplishments to date
CFOs, finance managers, accountants, bookkeepers and employees have all reaped the benefits of using Expend. Whether a micro-business or a larger business with various teams or departments, Expend can help.
Expend saves businesses time, money and effort by consolidating management, payment and accounting tools into a highly streamlined process.
On average, customers using Expend save 5 hours per month on admin, with 92% of employees stating they feel happier as they no longer have to use their own funds for company expenses, while 100% of Admins said they know exactly how much money has been spent and by whom.
We are proud to say that 96% of customers recommend Expend.
Expend provides real-time insights into company spending and gives control back to businesses, through customisable security controls such as spending allowances on Expend Mastercards and approval flows mirroring company hierarchies and structures. We do all the heavy lifting such as chasing missing receipts and neatly file everything into a business’s accounting software platform.
Expend is experiencing a strong growth period and has performed well in 2020, largely because the platform is a core part of a business’ technology stack, bridging the gap between financials and accounting.
Expend’s business model is based on a hybrid revenue strategy, which includes monthly recurring revenue from subscriptions (like a typical SaaS business). It also generates income when people use the payment products and cards via interchange/fees (in the same manner a bank does).
Being a multifaceted platform, Expend has the potential to generate significant revenues.
Expend’s revenue streams are highly scalable in nature and enjoy substantial economies of scale.
- A traditional SaaS monthly subscription fee for use of the platform per user is charged
- Like a bank, if a customer uses Expend’s payment services (e.g. our smart payment card), a percentage of the transaction amount generates revenue (this is called Interchange)
- Fees are also generated from out-of-plan actions e.g. foreign transactions and cash withdrawals
- Revenue from strategic partnerships and licencing of our platform/technology are also available
Use of proceeds
Expend grew well over the previous 12 months and still generates great responses from customers. Revenue has more than doubled since the start of the pandemic.
We are raising funds to enable the company to grow its customer base further.
Specifically the funds will enable Expend to:
1. Grow sales and marketing to further target the SME and corporate markets - (40% of funds)
2. Continue to open up the market opportunity via further product enhancements, along with partner products, to provide increased value and productivity savings to all users (40% of funds)
3. Offer Expend more widely to international users - (20% of funds)
Aiding business efficiency is more important than ever in the current climate and we have some great investors on board who share our mission to help businesses. We would like your support too as we expand our platform to reach a wider audience and transform business spending and expense management across the world.
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