Expense management software solutions provider N2F has raised a EUR 24 million strategic growth investment from PSG Equity to expand internationally and develop new products. The 2015-founded, France-based company aims to provide a solution that helps enable customers to process business expenses up to four times faster.

Following the PSG Equity strategic, operational, and financial support, N2F is looking to further its international ambitions, recruit 200 employees in the next five years, as well as invest in new product development. N2F offering and how the funding falls into place Having developed a fully-fledged expense management software with a core in efficiency and intuitiveness, N2F looks to help customers expedite their business expenses processing, being a technology partner to over 10,000 businesses across 86 countries, having a product available in 11 separate languages. Although the company had as its primary target SMEs, it can now assist companies of all sizes and is leveraged by blue-chip European enterprises of the likes of Iliad, DMG MORI, and Holidu.

Activating within the expense management space, N2F offers fast smart-scanning tools, user-friendly mobile and desktop applications, fiscally compliant and secure digital archiving capabilities, AI-powered anti-fraud features, as well as multiple integrations with accounting software. As detailed in the press release, its offering includes: A fast proprietary smart-scanning tool that can auto-generate expense reports in an expedited manner; Intuitive and user-friendly UX, with the company simultaneously being adaptable to each customer expense policy and approval workflow; Secure, time-stamped digital archiving of expense reports that are compliant with country-specific fiscal standards; Sector expertise and ‘niche’ functionality of the likes of simplified management of mileage allowance as well as complete management of ‘per diems’ in DACH; Automatic FX conversion across over 160 currencies so as to simplify cross-border expense reports; And direct API integrations with most accounting software solutions. The company’s aim is that of growing internationally throughout Europe, where it believes it can assist more than 20 million businesses in reducing the time and cost of processing expenses.

Through the PSG Equity collaboration, N2F is looking to accelerate its European expansion, with the former’s strategic and financial resources believed to help it with the execution of its recruitment plan, together with innovation and investment into R&D. When commenting on the announcement, Edward Hughes, Managing Director at PSG stated that they believe N2F to be a software solution with an established ‘track record of innovation and success’ that presents growth potential, with the company looking forward to partnering with N2F and supporting them in further growing their business. .