Finnish expense management fintech Zevoy raises €15m Series A
Finnish expense management platform Zevoy has raised €15 million in a Series A funding round which will be used to support the fintech’s European expansion.
The round was led by Blossom Capital and saw participation from European investors Maki.vc and Brightly Ventures.
Zevoy CEO Christoffer Rosqvist says the firm focuses on underserved markets and growing companies “that have high creditworthiness and profitability”.
“Expense management is a big pain point for many companies and their employees: it’s time-consuming and the processes are often frustrating,” Rosqvist says.
Zevoy aims to solve this through its virtual and physical ‘smart’ credit or prepaid debit business card offering connected to its expense management tool.
Firms can scan receipts, match purchases with receipts as well as manage and forward expenses to accounting departments digitally.
Following this Series A, the company intends to launch in eight new European markets during Q2 2022 as well as secure a Credit Institution licence.
“We foresee a fintech race taking place during 2022 and Zevoy is gearing up. In Finland and Sweden alone, we are adding more than 100 new customers a month and the company is well-positioned to accelerate growth further with this new funding,” Rosqvist adds.