Expend, an Ai-powered FinTech helping companies to better manage expenses, has exceeded the target on its crowdfunding campaign.
The company, which is raising the funds via the Seedrs crowdfunding platform, has raised £602,938, with another 39 days left on the fundraise. Expend initially launched the campaign with a target of £500,000.
At the time of writing, the FinTech has received investments from 177 backers on Seedrs.
Expend is raising the round at a pre-money valuation of $19.7m.
Founded in 2016, the FinTech company offers real-time insights into company spending and gives control back through customisable security controls, such as spending allowances on Mastercards. Features include accounting automation, expense reimbursement, travel and mileage tracking, expense management and more.
Fraudulent expense claims cost UK businesses over £2bn each year, according to a report from Global Payroll Association.
Expend CEO and co-founder Johnny Vowles said, “We couldn’t have asked for a better start to our fundraising campaign. Expend’s service is heavily relied on by our customers and the time and money-saving benefits are incredibly important in today’s climate. We’re very grateful and are excited to get on with taking Expend to the next level.”
To date, Expend has raised a total of £3.5m in funding.
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