Karim Jouini and Jihed Othmani, co-founders and former CEO and CTO of Expensya, have announced their departure from the company they established in 2014, two years after its acquisition by Swedish financial software giant Medius. The move marks the end of a transformative chapter for Expensya, a Tunis-born, Paris-headquartered expense management startup, and raises questions about the next steps for the celebrated entrepreneur.
Jouini co-founded Expensya with Jihed Othmani in Tunisia, aiming to revolutionize expense management with AI-driven, mobile-first solutions. Under their leadership, the company grew to serve over 6,000 businesses and 700,000 active users across 100 countries. Its integration with leading ERP systems and seamless automation capabilities propelled its reputation as a go-to solution for finance teams worldwide.
By 2021, Expensya had raised $20 million in a Series B funding round, reaching a post-money valuation of over $50 million. The startup’s consistent growth, doubling its recurring revenue within two years, positioned it as a prime acquisition target. In 2023, Medius, a leader in accounts payable automation, acquired Expensya for a reported sum exceeding $100 million. This deal remains one of the largest exits in the MENA region, underscoring the global potential of African-founded tech ventures.
The Medius Integration and Employee Windfall
Post-acquisition, Expensya retained its identity while integrating into Medius’ broader vision of creating a comprehensive CFO automation platform. Medius sought to combine Expensya’s expertise in spend management with its own strengths in accounts payable automation, enhancing its product suite to include autonomous AP, payments, procurement, and supplier onboarding solutions.
Jouini’s leadership during this transitional period ensured a smooth alignment of nearly 200 shareholders across continents, a logistical feat 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. Individual employees reportedly earned between $200,000 and $250,000, sums that, while not life-changing, offered significant career momentum.
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.
Despite challenges such as talent shortages and regional market immaturity, Expensya’s efficient operational model and focus on quality helped it compete with established European and American players. Jouini’s strategy of targeting mature markets and ensuring compliance with international standards like GDPR further solidified the company’s global footprint.
Jouini’s Next Chapter
In his farewell announcement, Jouini expressed pride in Expensya’s achievements and gratitude to colleagues, investors, and partners who contributed to its journey. “The spirit of innovation and impact continues,” he noted, hinting at new ventures in the burgeoning field of Agentic AI alongside co-founder Jihed Othmani. Agentic AI is the technology that powers AI agents so they can act autonomously without human oversight. By serving as a comprehensive platform, agentic AI facilitates seamless interaction between AI agents and humans, fostering a collaborative environment where both can work together.
Jouini’s departure signifies the close of a significant chapter in his career but leaves the door open for new entrepreneurial pursuits. As he reflects on Expensya’s journey — from its humble beginnings in Tunisia to becoming a global leader in expense management — his story serves as an inspiration for startups across emerging markets.
Expensya’s integration into Medius marks a new phase for the combined entity, which aims to deliver end-to-end financial optimization solutions for businesses worldwide. With a robust product portfolio and a seasoned leadership team, the company is well-positioned to capitalize on the growing demand for AI-driven financial tools.
For Tunisia’s startup ecosystem, Expensya’s story is a testament to the global scalability of African innovation. As more startups aim to replicate its success, the region’s entrepreneurs and investors are poised to shape the future of technology on the global stage.