Restaurant, portrait, bedroom. This expression could well apply to Mooncard, a French startup that specializes in managing expense reports 100% online. No need to enter the month’s expenses in the Excel file, print the supporting documents and then bring them to the financial department. Once the payment is made with the Mooncard, all you have to do is take a photo of the receipt. Payment data is automatically pre-populated (place, date, amount of VAT, etc.) and processed to facilitate accounting.
Thanks to the partnership with certified archivist Xelians, paper receipts are stored digitally. For its part, the financial department can configure the cards by setting limits, hours of use, list of authorized dealers and monitor all employee expenses in real time. These features are very popular at a time when remote work is becoming more and more prevalent. In two years, Mooncard’s turnover has doubled by 10 (the exact amount has not been reported). This did not fail to attract the attention of investors.
Two and a half years after first raising €5 million, the fintech company has announced a €20 million funding round with BlackFin Capital Partners, Partech and its historic investors Aglaé Ventures and Raise Ventures. This new funding should allow it to be launched within a year in five European countries including Germany, the Netherlands and Spain. “The issues are the same as in France. Accounting is often simpler in these countries, which facilitates our spread”, estimates Tristan LitortreCo-founder and CEO of Mooncard, which also intends to rely on certain partners such as Allianz and Air France-KLM to expand into Europe.
The startup lags behind its French competitors donation officeAnd Genji And redo (part of Sodexo just bought by US fund Marlin Equity Partners), which has already crossed the border. Not counting foreign actors like the British Money and danish blue Which is well developed in the ancient continent. They are also ahead in terms of financing. Youth Tricolor Photography, from Startup Studio Spendesk, raised 100 million euros last July, while Pleo and Soldo raised $150 million, respectively, in July and Soldo raised $180 million, respectively.
Targeting large accounts and the public sector
These large sums can be explained in part by the nationality of the investors (who charge higher fees than the French) but also the target of these three youngsters: VSE, SMEs … which generate lower volumes of large accounts. However, with a business model that is based on a subscription per user (between ten and twenty euros on average) and a commission to pay, you have to earn as many customers as possible. Hence the use of cash in marketing and acquisition.
Mooncard, which is aimed at all types of businesses, has a strong medium-sized company and a large accounts publication. This puts it in competition with historical players such as SAP Concur. Among its 3,000 client companies, Mooncard owns big names such as Air France, Cora and Vinci. However, the solution does not yet equip all employees, only one or more entities at the moment. FinTech also works with public sector entities such as the CNRS, National Education, Provincial and Prime Minister Services.
In terms of employment, the French fintech company has ambitions as high as Spendesk & co: 100 new jobs by the end of 2022. More than double what it is today.
“Food trailblazer. Passionate troublemaker. Coffee fanatic. General analyst. Certified creator. Lifelong music expert. Alcohol specialist.”