N2F

N2F is a France-based company that offers a non-card employee reimbursements and expense management platform. The platform extracts and categorizes expense data from photos of receipts (which it claims can extract information in under a second) and enables users to submit the payment claims. Once submitted, the claims will automatically be sent for approval and reimbursement (payment), while expense reports and insights are also provided by the platform. N2F claims it can reduce the business expense processing time by around 4x. 

N2F also provides AI-based anti-fraud tools and lets customers customize their approval workflows and expense policies. Moreover, it provides a per-diem and mileage reimbursement tool, which is integrated with Google Maps to automate calculations. N2F can also be integrated with more than 200 ERP and accounting software (including SAP, Sage, Dynamics, and Odoo) and is connected to more than 300 European banks for automatic bank reconciliation. It can also be integrated with several travel agencies and fleet management solutions. 

In addition to its expense management solutions, the company also launched “Keeple,” a personnel leave and absences management software. 

The company charges its users on a subscription basis, with monthly expenses amounting to USD 3.90 for freelancers and starting at USD 5.40 per user for enterprises (as of March 2023). The charges vary based on several features, including processing and audit solutions, accounting and payroll integrations, travel agency connections, API access, and others. 

Key customers and partnerships

N2F reportedly processed more than a million expense reports per month (as of March 2023) for more than 10,000 businesses (more than 250,000 end users) across 86 countries. The global footprint is supported by N2F sporting automatic forex conversions across more than 160 currencies to simplify cross border expense reports. The company has enterprise users of all sizes, including large, global players such as Suzuki and DMG Mori. 

Funding and financials

The company raised EUR 24 million (USD 26 million) in funding from PSG Equity in March 2023 to invest in recruitment, R&D and innovation, and to expand across Europe.