Fortino Capital Partners expands its portfolio of Travel & Expense management companies with its investment in Declaree, the innovative Dutch challenger. Besides the acquisition of MobileXpense in Belgium and eBuilder Travel in Sweden, it is the third investment of Fortino Capital in the market of expense management.
Declaree was founded in 2014 by Bas Janssen, Bart Jochems and Jasper Spoor with the ambition of simplifying and facilitating paper-based and cumbersome expense management processes. Since then, Declaree has 20 employees and 750 clients mainly located in the Netherlands and Germany. In the Netherlands and Belgium, Declaree serves large customers such as KLM, Hunter Douglas, Schiphol and KPMG, as well as many small and medium-sized companies. For Germany, it is about companies such as Lemonaid, Suitepad and Lufthansa Group Business Services.
Expense management is a challenge for many organisations. Many companies still use inefficient methods for these processes. Thanks to Declaree’s mobile and web application, they are capable of reducing the time spent on the internal management of expenses by almost 75 per cent, while also getting more grip on the expenses itself by increased transparency.
Fortino Capital Partners started its growth journey in travel & expense management by investing in MobileXpense in Belgium and eBuilder Travel in Sweden. These two players mainly focus on multinational and governmental organisations that need to comply with many different and often complex rules in all countries active in.
Matthias Vandepitte, partner at Fortino Capital, explains: “Declaree offers a genuinely innovative solution which has already served hundreds of companies of all sizes. We are really impressed by what the team of Bas, Bart and Jasper have built over the past years, and we see enormous potential for the future. That is why we are particularly proud of being able to support the internationalisation of Declaree in Europe with our expertise and investment. We look forward working together on our joint growth aspirations.”
Bas Janssen from Declaree concludes: “The past five years, we have heavily invested in developing our product and scaling in the Netherlands and Germany. To realize the next step in our growth we have searched for a strategic investor with knowledge and experience in international expansion. We are convinced to have found the right strategic partner in Fortino Capital.”