The Finnish-based and currently the fastest moving expense management company on the market has bagged €15M in a funding round led by Blossom Capital alongside top European investors Maki.vc and Brightly Ventures.
This comes after the team achieved FSA approvals, as well as gained Visa Principal Membership and launched an all-in-one Visa card running on the Zevoy ecosystem in less than a year. This was a record-breaking time for a new fintech company.
“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,” commented Paavo Räisänen, a Partner, Maki.vc.
Expanding across Europe
The new funding will assist Zevoy to achieve its goal of launching in eight new markets in total during Q2 of 2022. On top of this, Zevoy expects to secure a Credit Institution license in 2022.
Compared to its competitors which only offer the prepaid option, Zevoy offers both credit and prepaid options. Zevoy is the leading expense management solution in Finland and its expansion carries the hopes of replicating its Finnish success elsewhere in Europe.
“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,” said Christoffer Rosqvist, Zevoy co-Founder and CEO.
Zevoy’s expense management offering
Zevoy primarily offers an All-In-One business card (virtual or physical) with which enterprises can scan receipts, match purchases with receipts as well as manage and forward expenses digitally into accounting.
Zevoy’s offering is also tailored toward underserved markets and growing companies. These companies have proven to be a sweet spot for Zevoy because of their high creditworthiness and profitability.
“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,” commented Blossom Capital’s Founder Ophelia Brown.
Shaking up the expense management sector
Founded in August 2020 by Christoffer Rosqvist, its present CEO and Joakim Lundborg, its current CTO, Zevoy came up with the aim of Zevoy disrupting the expense management sector, bringing to market a product that is simple, smart, seamless and efficient. The team comprises FinTech professionals with extensive experience in cards and payments from companies like Aktia, and Meniga.
The Finnish payment card provider remains supervised by the Finnish Financial Supervisory Authority (FIN-FSA) which operates under VISA’s payment scheme. The company started issuing cards in Q1 2021 and has grown further ever since.