The Navisteps team
Navisteps, a Singapore-based expense and travel management startup, announced today it has raised US$1 million in pre-seed funding from angel investors that included Yasuhide Fujii, Partner at KPMG Advisory (Myanmar), and Takuya Aiba, CEO and Founder of SpringLiner.
As per a press release, the fresh funds will be utilised to bankroll market expansion in Asia and further develop its platform.
Navisteps was founded in 2019 by Ken Tan and Charmaine Lim after experiencing first-hand the issues of legacy expense reporting and business travel solutions. The duo brings in previous experience from Nomura Securities, Citicorp Investment Bank, Seedly, and Shopback to the startup.
The platform hopes to solve this challenge by helping businesses manage their spending by streamlining aspects of expense and travel management into an “easy-to-use and affordable platform”.
Companies can set up their travel and expense policies as well as criteria based approval on Navisteps, reducing time managers spend on reviewing business expenses and travel.
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Other core features include expense report automation, integrated online travel booking tool as well as an analytics dashboard to offer actionable insights.
“While expense and travel management solutions are not new, they traditionally target large enterprises. We hope to bring the benefits of expense and travel management solutions to small and medium-sized enterprises (SMEs) through a subscription-based pricing model,” said Navisteps Co-founder Ken Tan.
In the upcoming year, the startup plans to roll out features that include new partner integrations, enhanced expense analytics for its clients, while expanding its team.
To help businesses tackle the uncertainties brought about by post-pandemic business travel, Navisteps is also looking to launch a flexible travel option that covers last minute trip cancellation.
The local startup is also partnering with Traveloka, allowing Navistep’s enterprise users access to Traveloka’s inventory of flights and accommodation.
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Image Credit: Navisteps
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