California-based expense reporting startup AppZen has closed a $2.9M Series Seed led by Resolute.vc, with participation from Bloomberg Beta, FundersClub, MasterCard, and Silicon Valley Bank. The company uses machine learning algorithms and natural processing to automate and analyze expense reports for fraud.
An Association of Certified Fraud Examiners survey of 2,400 companies found that more than $6 billion is lost to expense fraud every year. AppZen claims it can reduce auditing costs 80 percent and greatly improve a business’s ability to catch fraud. Other players in the enterprise and expense reporting software space include SAP, Unit4, Sapho, and more than 50 applicants to the Botcamp accelerator.