Paris-based FinTech startup Mooncard has generated 20 million euros ($23.7 million) in new Series B funding, according to a Friday (Sept. 3) press release. The funding round was led by BlackFin Capital Partners, Partech, Aglaé Ventures and RAISE Ventures.
As part of the funding round, the 5-year-old corporate credit card provider intends to step up its efforts in several European countries — which the company deems the top five countries — in the next 12 months. Mooncard also plans to further its national reach and hire 100 new employees by 2022. The company also plans to upgrade its digital functionalities.
Mooncard provides businesses with corporate credit cards used for payments, as well as expense management products, according to the company’s website. In addition to its business customers, more than 500 public entities use Mooncard as part of an arrangement with the French State, according to the release.
Mooncard combines a physical card solution with a digital expense management platform to simplify the spend management process for businesses, according to PYMNTS. Mooncard enables businesses to issue cards to employees and set custom spend controls. When employees make a card purchase, they receive a text message with a link connecting to a portal through which they can upload a photo of the receipt and add details about the purchase. Managers then receive notifications about expenses through a unified digital platform.
Earlier this year, Mooncard announced a collaborative effort with Air France loyalty program Flying Blue to allow cardholders to accumulate miles by using the company’s business card products, according to PYMNTS.
Mooncard’s products feature additional benefits, including automatic expense report generation, travel insurance and personal assistance. With the partnership, Mooncard became the first corporate card program from France to allow companies and employees to accrue miles for personal use through Mooncard payment.
The card is accepted in all French and international businesses via a joint effort with Visa. Miles accumulated can be redeemed for no-cost tickets on Skyteam companies, airport lounge access, payment for stays in large hotels and gift or product purchases.