Corporate card provider Mooncard will bolster its development in France as well as expand internationally, following the close of a €20m funding round.
The investment was supplied by BlackFin Capital Partners, Partech, Aglaé Ventures and RAISE Ventures.
Mooncard hopes the Series A funds will help it further its international expansion efforts, with plans to launch in five countries over the next ten months. Part of this expansion includes boosting its presence in France and is hoping to hire 100 new employees by 2022.
The FinTech company is also looking to enhance its technology capabilities and release new features.
Founded in 2016, Mooncard supplies small companies, multinationals and public entities in France and Europe with corporate cards. It claims to be the only company that fully automates the processing of expenses and expense accounts.
Currently, the company has over 3,000 clients in France, including Cora, Odigo, Norauto, Zadig & Voltaire and Groupe Poisson.
Clients can set specific spending limits for each employee, permit is use for restaurants, petrol stations and taxis, deactivate withdrawals, enable international transactions, enable online payments and allow weekend usage. All transactions are stored in a secure cloud and can be consulted in real-time.
If an employee uses their Mooncard, all information is automatically processed in the accounts, with the employee simply having to photograph the receipt with their smartphone.
Mooncard co-founder and CEO Tristan Leteurtre said, “Since we started, we have focused on fighting mental load in the workplace. Executives and company directors have enough to worry about on a daily basis without letting their minds be paralysed by an administrative problem such as expense accounts.
“Our ambition: to rid all employees, accountants and managers, in the public and private sectors, in small, medium and large companies, of this load. As a result, our goal is to continue to expand in the French market, but now also internationally, and to offer new intelligent digital solutions. Software and applications released in the last few years have all attempted to digitise or reduce expense accounts management, but not to eliminate it.”
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