Navisteps bags $1m in its pre-seed funding round

Navisteps, an expense and travel management platform, has bagged $1m in its pre-seed funding round to support growth into new markets in Asia.

The round was backed by a handful of angel investors, including KPMG Advisory partner Yasuhide Fujii and SpringLiner CEO and founder Takuya Aiba.

Founded in 2019, the FinTech helps businesses to manage their spending by streamlining all aspects of expense and travel management into a single, easy-to-use platform that can be implemented within minutes.

Clients can set up their travel and expense policies as well as criteria based approval, to help time managers reduce the amount of time they spend on approving expenses. Other tools include expense report automation, integrated online travel booking and an analytics dashboard.

Over the coming year, Navisteps will release new partner integrations, enhanced expense analytics and more.

Navisteps co-founder Ken Tan said, “While expense and travel management solutions are not new, they traditionally target large enterprises. We hope to bring the benefits of expense and travel management solutions to small and medium-sized enterprises (SMEs) through a subscription-based pricing model.”

The company is partnering with South East Asia-based travel and lifestyle booking platform Traveloka to improve access to global vendors. This will provide clients with access to various flights and accommodation at competitive prices.

Earlier in the year, expense and travel management startup Sweep secured a ?456,000 grant to support its growth and innovation.

Copyright ? 2020 FinTech Global

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