Paris-headquartered Spendesk has just raised an additional €100 million in Series C funding and has now elevated to unicorn status. The new investment is earmarked to increase its UK workforce and invest in its acclaimed company culture.
The new investment comes from American VC fund Tiger Global, with all existing investors, including General Atlantic, Eight Roads Ventures, Index Ventures, and eFounders, participating. In July 2021, the startup also raised €100 million following a strong year of growth. There’s certainly no stopping the French fintech firm now as they have skyrocketed to unicorn status with this fresh funding.
Founded in 2016, Spendesk offers an all-in-one spend management solution that delivers visibility and automation to finance teams. The platform combines spend approvals, virtual and physical cards for employees, expense reimbursements and invoice management into one source of truth. Every purchase made is trackable to a person, project and budget with the aim to free finance teams from the hassle of day-to-day admin tasks.
During the pandemic, the company has seen impressive growth – more than doubling its revenue every year. In 2021, more than €3 billion of spending was managed on the platform. Spendesk is now trusted by thousands of businesses from start-ups to established brands, such as Algolia, Soundcloud, Curve, Doctolib, Gousto, Raisin, Sezane, Wefox.
Spendesk was identified as the best fintech employer in Europe by Glassdoor, thanks to its rich company culture. In 2021, the team grew by 100 new hires with offices in hubs such as London, Paris, San Francisco, Berlin, and most recently Hamburg, Spendesk also offers employees the option to work hybrid or fully remote. This new funding will be used to continue hiring and continue investing in growing the renowned culture, with 300 new hires anticipated in 2022.
“Bringing in the best and brightest people is my top priority right now,” said Spendesk’s CEO and co-founder, Rodolphe Ardant. “We’ll need to build and bolster our talent bench in all departments to help us achieve our ambitious goals for next year. I want to continue building on the exceptional culture that Spendesk is known for.”
In addition, Spendesk wants to keep meeting the demands of customers. To this end, the fintech unicorn will further invest in its product to meet the growing demands of customers at scale. The 7-in-1 platform frees businesses and people from the complicated and bureaucratic process of spending and managing money at work. The platform includes corporate cards, invoice payments, expense reimbursements, budgets, approval, reporting, compliance, and pre-accounting in one simple, scalable solution.
“We enable everyone in the business to make a real impact with their work, with a platform that drives smarter spending decisions that contribute to real growth. Finance teams need full visibility and control along the entire spending process, and all employees should be empowered to contribute to the financial fitness of the company. We’re making huge investments in our platform this year, to make Spendesk accessible to more teams, provide actionable data and insights through our product, and make spending at work a frictionless process,” commented Rodolphe Ardant.
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 a speaker at our 2021 EU-Startups Summit.
Spendesk is taking on a multi-billion market with its innovative solution. Through its consistent and dedicated investment into its people and customers, it’ll be exciting to see the trajectory the company continues to grow in this year.
