Fraxion was founded in 1998 as a division of Ixchange, now Frontrange Solutions (developers of Goldmine & HEAT).  As a direct result of customer demand, investment was initially made in modules that included travel, leave, expense claims and procurement. The company was taken private in 2001 by management and the first version of Fraxion Spend Management was released in March 2002.  The business was initially funded by a number of individual investors until July 2005 when Venfin Limited made a substantial investment into the business, as part of its overall investment portfolio (which at the time included a 15% stake in South Africa’s largest mobile phone operator, Vodacom, along with significant investments in Alexander Forbes, Dimension Data, Psitek, Sabido (e.tv), SAIL and Tracker).