Expend Investor Update

25th February 2019

The platform is evolving to be a comprehensive ‘one stop shop’ solution to offer businesses unrivalled efficiency and value for money. We believe that payments are a fundamental component of an innovative expenses platform and thus built it into the core of the platform; with its own financial systems, infrastructure, AI and cloud treasury (bank level). Our approach means we can solve a wide range of problems surrounding business expenses and spending in one place, saving customers time, effort and money, in an efficient and sustainable way.

Our company is gaining real momentum and we’ve also had some good press lately, even in the Financial Times, off the back of some of our research on the £27bn expenses issue. Here’s a recent article about this: https://www.globalbankingandfinance.com/counting-the-cost-of-expenses/

It’s important to highlight that Expend is a platform, and not restricted to a single product. The first commercial product (as the website is geared) is an automated Expend business card/account and just part of the platform’s capability.

We’ve also just launched our newest innovation ‘Flex’ card. It’s a game changer...nothing on the market like it. It’s one of a kind with automatic spending control and budgeting and supports our platform’s push to support larger companies and be the ultimate ‘one stop shop’ solution to offer businesses unrivalled efficiency and value for money. Impossible without our unique treasury.

Recent milestones:

  • We have been named in the “Top 100 Fastest Growing UK Companies”.  Report here: https://goo.gl/b1ZX4h  In addition, we won Best New Expenses Solution 2018 award (Global Finance and Review), and 3 nominations at the payments awards
  • We recently on-boarded our two biggest customers yet, a large services company and a well known US app business - they are about to expand largely around the world (India, Mexico, Netherlands, UK) and want to ship our product to their applicable divisions. The number of users has the potential to grow quite large. Found us from the US, so excellent.
  • Two of the UK’s largest accountancy firms have started using Expend.
  • Reached technical milestones to facilitate larger companies.
  • Gained hundreds of customer leads at our recent ExCel Xerocon exhibition. Given the success of the event, we were directly invited by Xero to talk about commercial opportunities, which is very exciting considering they have 2m subscribers.
  • Gained recent coverage in Real Business - https://realbusiness.co.uk/expend-johnny-vowles/
  • We were also invited to speak with the Government’s All Party Parliamentary Group on Fair Business Banking - great recognition for what we’re doing and will provide key links into the banking sector.