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Webexpenses partners with Tenzing to revolutionise Expense Management 

Today, European tech investor Tenzing is proud to announce its investment in Webexpenses, reaffirming its commitment to supporting businesses within the Office of the CFO landscape. Tenzing acquires Webexpenses from K1 Investment Management, a leading B2B software investment firm that helped fuel Webexpenses’ recent growth.

Webexpenses has emerged as a key player in the expense management software space, focusing primarily on serving SMEs and mid-market enterprises. Responding to the growing needs of finance teams, the company has recently introduced a payments capability and formed strategic partnerships to provide finance teams with a comprehensive spend management suite, including accounts payable automation software. 

Taking advantage of the increased use of digital tools following the COVID-19 pandemic, which has fuelled an impressive 20% year-over-year growth in expense management adoption, Webexpenses has not only successfully navigated this trend but has also doubled its customer base in just four years. This success is attributed to its best-in-class and highly focused service offering, establishing Webexpenses as a trusted partner for more than 1,800 esteemed blue-chip clients, including industry leaders such as Ryanair, Admiral Insurance, Pets at Home, Adecco, and Miele. 

Headquartered in the UK, Webexpenses has a product-led team of over 80 professionals spread across the UK, Australia and the US. This strategically positioned team is dedicated to delivering localised, high-quality services to cater to the diverse needs of its global client base.  

Mike Reynolds, Investment Lead at Tenzing, expressed enthusiasm about the partnership and highlighted Tenzing’s sector expertise, “We’re thrilled to partner with Webexpenses and its ambitious management team, offering a truly differentiated SaaS solution into the finance function. In recent years, Tenzing has increased its focus in this sector, looking to identify and back niche market leaders and top entrepreneurial talent. Webexpenses represents a strong platform through which to support continued exciting SaaS growth, as well as building an enhanced product suite to delight customers.” 

As part of the investment, Tenzing will leverage its expertise to assist Webexpenses in areas such as sales, marketing, acquisitions, and internationalisation. The firm’s proven Growth Network, featuring a Sherpa, Entrepreneurs Panel, Acquisitions Director, and Domain Experts, will support Webexpenses in maximising its potential and fostering growth in a competitive market. 

Andy May, Managing Director at Webexpenses, added, “Our collaboration with Tenzing marks a pivotal moment in the growth trajectory of our company. Tenzing’s deep understanding of our sector and its commitment to support our vision will undoubtedly contribute to our success in the evolving landscape of financial technology.” 

This marks Tenzing’s eighteenth addition to its diverse portfolio, showcasing the firm’s commitment to investing in companies that exhibit high-growth potential. 

Tenzing was advised on the investment by Raymond James, Osborne Clarke, PwC and EY Parthenon. 

ABOUT THE AUTHOR

Picture of Charlie Taylor

Charlie Taylor

Charlie's spent the last decade in some of the world’s leading tech businesses running Marketing & PR. She shows entrepreneurs what it would be like if they partnered with Tenzing. Her true passion lies in community building, so she's in her element connecting marketing professionals across the portfolio. Talk to Charlie about sales and marketing alignment, demand generation, event strategy and team design.
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