Spendesk raises €100 million for its smart spend management app
Paris-based all-in-one spend management platform Spendesk, bringing flexible fintech to both employees and finance teams, has closed €100 million in a Series C funding round led by General Atlantic. Existing investors Index Ventures, Eight Roads Ventures and eFounders also participated in the fundraising. This rounds brings the total raised by Spendesk to €160 million. The company plans on using the funds to further improve their product as well as invest in the company’s growth.
Founded in 2016, Spendesk brings together flexible payments, approvals, automated receipt capture, and real-time spend insights, finance can decentralize operational spending across the business without any loss of control or visibility counting over 3,000 firms including Soundcloud, Curve, Algolia, and Wefox among its client base. Employees have the opportunity to benefit from streamlined expense and invoice management through the company’s website and app.
“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.” comments co-founder and CEO Rodolphe Ardant.
The company’s tool helps companies save time on spend management. Spendesk empowers finance teams with visibility across the entire spending process and wow employees with a streamlined experience for all spending at work. Despite the pandemic, Spendesk demonstrated a strong year of growth, doubling both revenues and the team size from 150 to 300. With the new funding, the company aims to double the staff numbers once again, as well as accelerate product innovation,
Source: Spendesk “We’ve raised €100M to unlock spend management for all finance teams”