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N2F bags €24 million growth investment

Source: N2F

N2F, a leading provider of expense management software solutions, today announced a €24 million strategic growth investment from PSG Equity ("PSG"), a leading growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth and build scale across Europe and North America.

Nicolas Dubouloz and Jean-Joseph Reslinger founded N2F in 2015 as a solution to the time-consuming manual process of managing expenses. Headquartered in Lyon’s suburbs, N2F has developed a fully-fledged expense management software with efficiency and intuitiveness at its core, enabling customers to process business expenses up to 4x faster. In only eight years, N2F has grown to become a trusted technology partner to more than 10,000 businesses across 86 countries, with a product available in 11 different languages. While being initially developed for SMEs, today N2F can serve companies of all sizes and is used by blue-chip European enterprises, such as Iliad, DMG MORI and Holidu.

N2F: A technology-first pan-European SaaS scale-up

Ever since it was founded in Nicolas and Jean-Joseph’s garage, N2F has been built as a technology-first company. With one of the fastest smart-scanning tools in the market, user-friendly mobile and desktop applications, fiscally compliant and secure digital archiving capabilities, AI-powered anti-fraud features and multiple integrations with accounting software, N2F has quickly established itself as a household name in the expense management space. N2F is internationally recognized for:

Ultra-fast proprietary smart-scanning tool capable of auto-generating expense reports in less than one second
Highly intuitive and user-friendly UX, while being adaptable to every customer’s expense policy and approval workflow
Secure and time-stamped digital archiving of expense reports guaranteed to be compliant with country-specific fiscal standards
Deep sector expertise and niche functionality such as simplified management of mileage allowance and complete management of per diems in DACH
Automatic FX conversion across 160+ currencies simplifying cross-border expense reports
Direct API integration with the majority of accounting software solutions

PSG Equity: the strategic partner to deliver on N2F's European vision

N2F’s ambition is to grow internationally across Europe where it can help over 20 million businesses reduce the time and cost of processing expenses. 2022 was a transformational year for N2F as it prepared for international expansion by significantly increasing its workforce and launching Keeple, a SaaS solution to manage personnel leaves and absences.

By partnering with PSG Equity, N2F plans to significantly accelerate its European expansion. PSG’s strategic and financial resources will help N2F to execute on its ambitious plan to recruit 200 employees over the next five years while continuing to innovate and invest in R&D.

"Combining advanced technology with leading customer service has been N2F’s secret in achieving such exceptional growth in 2022," said Edward Hughes, Managing Director at PSG. "With N2F, we believe we have identified one of the best software solutions in the market and with its established track record of innovation and success, we believe the company has tremendous growth potential. We are excited to partner with Nicolas and the N2F team and look forward to growing the business together."

"We believe that this partnership with PSG marks the beginning of a new phase of growth for our business and reaffirms both the relevance of our solutions and our position as a market leader," added Nicolas Dubouloz, CEO of N2JSoft. "We are delighted to have an expert in the European Bt2B SaaS market by our side going forward; not only do we share the same values, but also the aspiration to grow the business with customer satisfaction and employee well-being at its heart."

PSG works closely with founders and management teams to support them in their day-to-day strategic decisions, drawing from its strength in M&A and international expansion, especially in Europe and the U.S., while pursuing a sustained investment plan. N2F is PSG’s 9th platform investment in France and its 21st in Europe.

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