Expensya founders: Karim Jouini and Jihed Othmani. Image Credits: Forbes
Co-founders of Expensya, Karim Jouini (CEO) and Jihed Othmani (CTO), have announced that they will be severing ties with Expensya, the company they founded in 2014. This departure comes two years after Swedish financial software giant Medius acquired Expensya. The decision to leave may very well mark the twilight of Expensya, raising questions about the next course for its founders.
Jouini and Othmani co-founded Expensya in Tunisia’s capital – Tunis, with its headquarters in Paris. Expensya was designed to revolutionize expense management with AI-driven, mobile-first offerings. With the combined efforts of the founders, the company has grown to over 700,000 users across 100 countries, while serving 6000 businesses. The company was able to boost its reputation as the top solution for finance teams worldwide with leading ERP systems and seamless automation capabilities.
In 2021, Expensya was able to raise over $20 million in a Series B funding round and managed to reach a post-money valuation of over $50 million. However, the startup’s skyward trajectory and its growing revenue held an allure for many companies who saw it as a prime acquisition target. In 2023, leading accounts payable automation company, Medius, acquired Expensya for a reported sum of over $100 million. This deal will hold the bragging rights of being one of the largest exits in the MENA region.
After its acquisition, Expensya retained an autonomous identity while melding into Medius’ broader vision of creating a comprehensive automation platform. Medius aims to leverage Expensya’s expertise in spend management to enhance its product suite to include autonomous AP, payments, procurement, and supplier onboarding solutions, while combining it with its own strengths in accounts payable automation.
Jouini’s leadership during this transitional period was instrumental in ensuring a smooth alignment of nearly 200 shareholders across continents. This logistical feat was completed within six weeks of the acquisition announcement. The deal also provided financial rewards for Expensya’s employees, with 110 Tunisia-based staff sharing a $10 million payout, two-thirds of which was in cash, with individual employees reportedly earned between $200,000 and $250,000.
In his farewell announcement, Jouini expressed pride in Expensya’s achievements and gratitude to colleagues, investors, and partners who contributed to its journey. He also hinted at steering a new course in the field of Agentic AI alongside Jihed Othmani. Jouini’s departure may have meant that curtains fell over a significant chapter in his career. However, it leaves the door open for new entrepreneurial pursuits.
Expensya’s success story reflects the rising prominence of the Tunisian and broader African tech ecosystem. The acquisition followed other high-profile exits, such as Tunisia’s InstaDeep, acquired by BioNTech SE for $648 million. These milestones highlight Africa’s potential as a hub for innovative solutions with global applicability.
