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Fintech Mooncard secures EUR 37 million in Series C financing

Thursday 20 April 2023 15:29 CET | News

France-based corporate card and expenses company Mooncard has announced securing EUR 37 million in a Series C round. 

The fintech offers a card solution for automating expense and expense reporting processes and currently serves over 6000 public and private institutions. The aim now is to establish a permanent presence in the European market. Both the Mooncard payment card and the approval process can be configured for each employee or user profile. For special cases, supervisors or administrators can be automatically notified via SMS, so that they can react in real-time. 

Fintech Mooncard secures EUR 37 million in Series C financing

Additionally, businesses are able to issue payment cards to employees while maintaining complete control over spending. All transactions are stored in a secure cloud server and can be accessed in real time as well. According to a Mooncard representative, this new round of funding allows them to further expand the capabilities of their technology to meet the evolving needs of the finance departments of companies of all sizes, in the public and private sectors. 

 

Aim of financing

Mooncard secured funding from two new investors, namely Orange Ventures and Canada-based fund Portage. Several existing investors also decided to invest more money into the fintech. The extra funding will be used to accelerate Mooncard’s expansion into six European countries, including Germany, Austria, Belgium, Spain, Italy, and the Netherlands.

Automatic billing in real time

Every time expenditures are made with a Mooncard, the payment details would be automatically pre-filled in real-time and transferred to an accounting entry. The employee only has to photograph the receipt with his smartphone for archiving purposes; this covers the proof needed for the responsible tax authorities. The Mooncard offer includes a Visa payment card with card insurance from AIG and Gras Savoye and an associated SaaS solution secured in the cloud. Additionally, the account can be opened by users in just 5 minutes and the card is available for use within 24 hours.

Mooncard’s virtual card offer

Mooncard users can offer their employees the Mooncard virtual card for one-off and regular expenses. The card can be customised with specific ceilings depending on the employee’s needs. Namely, up to 1 month for immediate expenses or up to 3 years for recurring expenses. The administrator benefits from advanced settings to manage their employees' permissions as for each payment users receive real-time notification that facilitates management. This also reduces the risk of theft or loss because it is possible to validate payments upstream and decide on the types of expenses authorised.


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Keywords: financial services, investment, expansion, fintech, corporate card
Categories: Payments & Commerce
Companies: Mooncard
Countries: France
This article is part of category

Payments & Commerce

Mooncard

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