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African product, global market: Expensya employees cashed out $10M from 2023 acquisition
Expensya’s success story showcases how African tech startups can achieve full-cycle events that benefit employees on a global scale.
She made her angel investment in Expensya, an expense management startup based in Tunis and Paris, which was acquired last June by the private equity firm Medius for a sum slightly over $100 million, according to sources familiar with the deal. While there’s a wealth of young, talented individuals, particularly in engineering and other technical fields in Tunisia and Africa, the scarcity of experienced managers and leaders, also owing to a lack of successful SaaS companies locally, posed a hurdle as Expensya scaled, Jouini acknowledged. When you look at their return on capital, revenue-to-investment ratio and employee count, it’s a super-efficient structure that managed to scale to double-digit millions in revenues while keeping a modest valuation compared to similar models in Europe,” said Ribica, the former M-Pesa executive who has made investments in fintechs such as Qonto and Bamboo.
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