Rydoo

Rydoo, formed by two founding startups - Xpenditure and iAlbatros - provides a non-card business expense and reimbursement automation platform. Employees can take pictures and upload it to the Rydoo app, where the AI-based platform extracts the necessary data, and automatically proceeds with the approval and reimbursement process. In addition to letting companies set (and implement) approval policies and spend limits to be followed by employees, Rydoo also flags out-of-policy expenses. The platform claims to improve reimbursement speeds by 3x and cut the time spent on expense management by half.

It also automates expense reporting and taxation through integrations with commonly used finance and taxation softwares, such as Xero, QuickBooks, NeuSuite, VAT IT, and Taxback International, among others. Rydoo also analyzes business expenses to offer insights on spending anomalies, potential cost saving opportunities, and also on expense forecasts.

Rydoo offers per diem (which can be set by jurisdiction) and mileage tools as well. The mileage tool has an integrated map service and calculates the expenses based on the driving distance. In addition, Rydoo can also be integrated with ride sharing services such as Uber, Lyft, and Bolt, to automatically create expenses.

The company uses a subscription-based model and charges on a per user, per month basis (starting at EUR 8). The per user charge varies based on a number of features, including per diem/allowances tools, accounting integrations, advance approval workflows, and so on. The company operated through offices in 6 countries as of April 2022.

Key customers and partnerships

The company had over 10,000 customers and over a million end users, as of April 2022, including Burger King, Deloitte, Singapore Airlines, and Veolia.

Rydoo partnered with accounts payable (AP) automation platform Medius in April 2022, when it became part of Medius’ program for independent software developers (ISVs), dubbed “Radius”. By joining the network, Rydoo aims to help companies further automate the process of receiving, coding, posting, and paying expenses.