HDFC Bank and Happay join hands to help Enterprises manage their T&E Expenditure

Happay in collaboration with HDFC bank has introduced a new prepaid card linked T&E (Travel and Entertainment) expense management solution to enable Indian enterprises efficiently manage their business travel expenditure. HDFC Bank and Happay are launching this solution at a time when Indian business travel is on the rise and Travel and Entertainment (T&E) expense still remains the second most difficult operating expense to control in an organization as per Forrester Research.

With Happay-HDFC Bank prepaid cards and Happay mobile app in their pockets, business travellers will be able to easily seek trip advances, get trip itineraries pre-approved by management, do trip bookings and file trip expenses digitally and on the move.

Management, on the other hand, will be able to manage employee cards online - from loading and withdrawing funds from cards, setting card limits, activating and deactivating cards. They will also be able to pre-authorise trip itineraries, track travel expenditure as it happens, approve travel claims, implement travel policies and view travel spend analytics from a single, cloud-based platform.

Prior to this initiative, HDFC Bank and Happay had joined hands in 2016 to help businesses go cashless and have seen huge success to date. One of their solutions, Happay-HDFC Bank’s Fleet Xpress program launched in 2016 November, enabled 1000+ transport and trucking companies to move to digitization, post demonetization. HDFC Bank’s wide reach, huge customer network and strong brand name, played a key role in enabling Happay to scale up its efforts towards helping businesses go digital.

Founded in 2012 by IIT Kharagpur graduates Anshul Rai and Varun Rathi, Happay has 4500+ clients across 30+ business verticals. With an overall employee base of 250+, Happay is present in 10 cities, with partners in 27 cities in India.

Happay recently raised $10 Million (INR 65.13 Crore) in a Series B Funding round led by existing investor Sequoia Capital and Singapore-based Axiom Capital.AME Cloud Ventures (the venture fund led by Yahoo co-founder Jerry Yang) and existing investor - Prime Venture Partners among others also participated in the round and continued to show support to Happay’s long-term vision of being an end-to-end business spend management platform.

The company plans to use the fresh influx of funds for building a deeper payment and spend management platform, expanding its team, launching new products and acquiring larger Enterprise customers (Enterprises with employee size of 1000+). Happay is building the right partner ecosystem and with more capital is aiming to reach10000 customers by 2019.