Paris-based Spendesk raises €100 million to bring spend management to every finance team in Europe

Spendesk

Spendesk, Europe’s leading all-in-one spend management platform for finance teams, has raised €100 million in Series C funding led by global growth equity firm General Atlantic. All previous investors, including Index Ventures and Eight Roads Ventures, also participated in this round, bringing Spendesk’s total funding to €160 million.

With the additional investment, Spendesk will focus on hiring top talent and accelerating product innovation to bring more automation and insights to every aspect of business spending.

Founded in 2016, Spendesk offers an intuitive SaaS spend management solution that provides full visibility and control on all company spending — with every purchase trackable to a person, a project, and a budget. The platform combines payments, processes and data into one source of truth, with virtual and physical cards for employees, expense reimbursements, invoice management, automated spend approvals, and budgets. The solution aims to liberate finance teams from day-to-day admin tasks, freeing them to focus on proactive and strategic value-add.

We mentioned Spendesk as one of 10 French startups to watch in 2018 and 2019, reported about their funding rounds in 2018, 2019 and 2020, and welcomed Spendesk CEO Rodolphe Ardant as speaker at our past EU-Startups Summit.

Spendesk’s co-founder and CEO, Rodolphe Ardant, stated: “In the past few years we have built the reference spend management solution for finance teams in Europe, which frees businesses and their people from administrative constraints of spending and managing money at work. While our solution is about empowering finance teams, we are actually delivering value to the entire business through the finance team. We are thrilled to have top-tier growth equity firm General Atlantic join as an investor and support our mission to transform spending at work.”

The fresh funding follows a strong year of growth as Spendesk doubled its revenue, despite adverse market conditions during the pandemic, and grew the team from 150 to 300 employees. Membership in Spendesk’s global finance community, CFO Connect, has doubled as well, now counting 6,500 members worldwide.

With the new funds, Spendesk plans to affirm its position as a leading spend management solution in Europe. This includes doubling headcount within the next two years, and accelerating product innovation.