Financial team support platform AppZen has nabbed $50m in its latest funding round to expand its platform’s offerings.
Coutue Management, the technology sector hedge fund, led the FinTech startup’s latest round. The firm has recently led or supported rounds raised by InsurTech startup Root Insurance, corporate credit card company Ramp Financial and payment card issuer Marqeta.
Previous investors Redpoint Ventures and Lightspeed Venture Partners also participated in the round. Both investors also participated in AppZen’s $35m Series B round in 2018.
Having spoken with sources familiar with the matter, TechCrunch reported that the new $50m round has given AppZen a $500m valuation.
AppZen’s biggest product to data is a platform that automatically audits employees’ expenses to ensure they match up with charges and with company policies, raising red flags when it does not. With the new investment, AppZen is reportedly planning to build new functions to help finance teams automate processes.
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