Finland-based expense management fintech Zevoy has raised €15 million in a series A round to fund launches in eight new markets during Q2 2022.
Zevoy, which was founded in August 2020 and currently provides its expense management solution to businesses in markets such as Finland and Sweden, expects to secure a credit institution licence in 2022 ahead of launching in eight new European countries.
The fintech will bring its brand of all-in-one physical and virtual business cards to the new markets, enabling more companies to scan receipts, match purchases with receipts, and manage and forward expenses digitally.
Christoffer Rosqvist, chief executive officer of Zevoy, said: “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.”
Blossom Capital led the series A funding round, with European investors Maki.vc and Brightly Ventures also participating.
Ophelia Brown, founder at Blossom Capital, commented: “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.”