Spendesk Raises $118M to Revolutionize Corporate Spend Management
Spendesk Secures $118 Million in Funding
Spendesk, a French startup, recently announced the completion of a $118 million (€100 million) funding round. This investment was spearheaded by General Atlantic.
To date, the company has successfully raised a total of $189 million (€160 million) since its establishment.
Continued Investor Confidence
Index Ventures and Eight Road Ventures, both previous investors, also participated in this latest funding round, demonstrating continued faith in Spendesk’s growth trajectory.
Focus on Spend Management Solutions
Spendesk specializes in comprehensive spend management solutions for businesses. The company originated within the eFounders startup studio.
Initially, Spendesk provided both virtual and physical company cards for employee use.
While company cards are widely adopted in the United States, many smaller and medium-sized enterprises in France face challenges in providing cards to all employees.
Addressing Traditional Spending Difficulties
This often leads to inefficient spending processes. Employees may need to borrow a manager’s card, requiring a high degree of trust.
Alternatively, using personal cards necessitates prompt reimbursement, which can be administratively burdensome.
The Power of a Combined Platform
By integrating a SaaS platform with corporate cards, Spendesk unlocks numerous benefits. Approval workflows for larger purchases can be implemented, for example.
Furthermore, customized budgets can be established for individual teams.
Expanding Beyond Corporate Cards
Over time, Spendesk has broadened its offerings to encompass expense reporting and invoice processing. The platform also aims to automate routine accounting tasks.
Employees receive automated reminders to submit receipts for all transactions.
Data can be seamlessly exported to popular accounting software such as Xero, Datev, Sage, Cegid, and Netsuite.
A Competitive Landscape
Spendesk operates within a growing market, with several other European startups achieving success in the same domain. Soldo recently secured $180 million in funding, while Pleo reached a $1.7 billion valuation after raising $150 million.
Significant Revenue Growth
Despite the competition, Spendesk has experienced a doubling of its revenue over the past year.
The team has expanded from 150 to 300 employees and anticipates a further doubling of its workforce in the coming years.
Market Opportunity and SaaS Adoption
This growth indicates a substantial market opportunity and a clear trend of businesses transitioning from traditional methods to modern SaaS solutions.
This explains why multiple startups can thrive concurrently within this sector.
CEO Statement
“Finance teams have historically lacked the necessary tools to facilitate this shift,” stated Rodolphe Ardant, co-founder and CEO of Spendesk.
“Over the last few years, we’ve developed the leading spend management solution for European finance teams, liberating businesses and their personnel from the administrative complexities of workplace spending and financial management.
Our solution empowers finance teams, ultimately delivering value across the entire organization.”
Notable Clients
Spendesk currently serves 3,000 clients, including prominent companies like Algolia, Soundcloud, Curve, Doctolib, Gousto, Raisin, Sezane, and Wefox.
