Spendesk, a Paris-based spending management scale-up for SMEs, has raised €35 million in a Series B round led by Index Ventures, which backed its €8 million Series A round in January 2018. This brings the total amount raised by the company to €45 million.
Founded in 2016, Spendesk already works with 1,500 businesses in 30 countries across Europe, and boasts 300% YoY growth. Its platform offers virtual and physical payment methods with approval workflows, automated receipt capture, real-time spend analysis and invoice management, and reporting and accounting integrations for employees and management teams, allowing SMEs to better manage their finances.
“We want to make spending at work as easy as it is in our private lives,” said Rodolphe Ardant, CEO and founder at Spendesk. “We’ve already seen the private payments sector disrupted by new players like Revolut and N26, but most businesses still manage spending like it’s 1995 – with archaic processes like shared company credit cards, petty cash, or manual expense reports.”
“Spendesk is the first spend management platform built for both finance teams and employees,” he added. “With full visibility over the spending process, finance leaders can decentralise spending across the business without any loss of control. Employees benefit from streamlined expense and invoice management through the Spendesk website and app, whether on the road or in the office.”
Spendesk will use the new funding to further develop its offering, integrating additional features into its platform including smart analytics, support for more international currencies, wire transfers, and strategic partnerships with complementary services such as TravelPerk. The company will also ramp up growth, with plans to hire over 100 new Spendeskers in the next 12 months, new offices opening in Germany and the UK and the official launch in Spain and Scandinavia.
“It’s already been a big year for Spendesk,” said Ardant. “We’ve gone from 20 to over 120 employees in under 12 months, and more than doubled our customer base to 1,500 businesses across Europe. This fundraising will help us scale faster and deliver on our mission to help businesses everywhere spend smarter.”
“Spendesk has seen a tremendous traction with small businesses across Europe,” said Vidal. “We are investing again, after leading the company’s Series A last year, to help Spendesk capitalise on this demand, and expand internationally. This is a market that will continue to grow at a fast pace, and Spendesk is well-positioned to be the category leader.”