Espoo-based all-in-one expense management company Zevoy has raised 15 million euros in a series A funding round led by a Nordic VC firm Blossom Capital. Helsinki-based VC & PE firm Maki.vc and Stockholm-based firm Brightly Ventures also participated the round. The company offers all-in-one solution to overcome a fragmented expense management system with the help of a company card, a receipt scanning app and administration hub. The new capital will pave the way for the company’s expansion into eight new markets in the second quarter of this year.
Zevoy raises 15MEUR, marking the beginning of a full-scale roll-out across Europe
Zevoy announced today its new Series A funding round. The round was led by Blossom Capital with top European investors Maki.vc and Brightly Ventures taking part in the round.
Zevoy, currently the fastest moving expense management company on the market, was founded in August 2020 with a clear mission to do what many have tried to do before: create a simple, smart, seamless, and efficient Expense Management solution for companies. Now, with the new funding, Zevoy is looking to launch in eight new markets in total during Q2 of 2022.
The round was led by Blossom Capital with top European investors Maki.vc and Brightly Ventures taking part in the round.
“The Zevoy team has a successful track record in financial services and their experience shines through as they clearly understand the needs of business users today. By offering credit and prepaid debit, as well as an easy-to-use and intuitive expense management system, Zevoy can serve any business, small or large.
Opening up the addressable market in such a way has driven rapid growth and we’re excited to support the team in turning their vision into a reality.” says Ophelia Brown, the founder of Blossom Capital.
The experienced team has hammered together FSA approvals, as well as gained Visa Principal Membership and launched an all-in-one Visa card running on Zevoy ecosystem. All this was done in less than a year, a record-breaking time for a new fintech company.
“Expense management is a big pain point for many companies and their employees: it’s time-consuming and the processes are often frustrating. To solve this, Zevoy offers an All-In-One business card (virtual or physical) with which you can scan receipts, match purchases with receipts, manage and forward expenses digitally into accounting,” explains Christoffer Rosqvist, CEO of Zevoy. “Zevoy focuses on underserved markets and especially growing companies have proven to be a sweet spot for Zevoy meaning companies that have high creditworthiness and profitability.”
Zevoy is expected to secure a Credit Institution license in 2022 and already offers both credit and prepaid options, compared to its competitors that only offer the prepaid option. In the next few months, Zevoy will already expand its operations to multiple European markets, where the startup is looking to become the leading expense management solution – as it has done in less than a year in Finland.
“We foresee a fintech race taking place during 2022 and Zevoy is gearing up. In Finland and Sweden alone, we are adding on 100+ new customers per month and we feel confident that we have what it takes to replicate our secret sauce on eight new markets this upcoming quarter only,” says Rosqvist.
“The company and product were launched in midst of the pandemic, and every small detail in the product and operations have been designed for efficiency and fast growth. The team’s capability to execute against their growth plans has been impressive and the company is well-positioned to accelerate growth further with this new funding.” says Paavo Räisänen, Partner at Maki.vc.
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