Spendesk offers an all-in-one corporate spend management platform that started with virtual cards and now describes itself as a "7-in-1 spend management solution." Its product includes virtual and physical cards, invoice payments, expense reporting, budget management, approval workflows, VAT extraction and spending reports, and it integrates with accounting tools such as Xero and Datev. The company targets mid-market customers with 50–1,000 employees and reports about 3,500 clients—roughly half in France and most of the rest in Germany and the U.K. Customers spent €3 billion through Spendesk in 2021, and the company says its revenue "more than doubles every year," though it did not disclose exact revenue figures. Spendesk is working on automating bank integrations and other workflow automations to simplify transfers and accounting. Following the latest funding, the company plans to triple headcount over the next two years, aiming for 1,000 employees by the end of 2023. Spendesk is a SaaS spend management solution that centralizes payments, processes and spend data into a single dashboard. The platform provides virtual and physical cards for employees, expense reimbursements, invoice management, automated spend approvals and budget tracking, with every purchase trackable to a person, project and budget. Founded in 2016 within the French startup studio eFounders and led by recently appointed CPO James Colgan, the company serves about 3,000 businesses including Algolia, Soundcloud, Curve, Doctolib and Gousto. Over the last year Spendesk doubled its revenue and grew its team from 150 to 300 employees. The company plans to use the new funding to hire talent, accelerate product innovation to add more automation and insights across spending workflows, and expand further in Europe. Following the Series C, Spendesk's total funding stands at €160M. Spendesk issues virtual and physical cards, provides approval workflows, manages expense reimbursements and centralizes invoices and receipts on a single platform. It integrates with accounting systems such as Xero, Datev, Netsuite and Sage and can generate single-use virtual cards for approved requests. Managers can set budgets, top up cards, block ATM withdrawals and weekend transactions, while employees use a mobile app to check balances and attach receipts. Spendesk is sold as a monthly subscription SaaS product; the company says its subscription revenue has doubled year-over-year despite likely slower transaction activity. It focuses on small and medium companies across Europe and reports 40,000 people using the product through their employers; clients include Algolia, Curve, Doctolib, Raisin and Wefox. The company grew headcount from 100 to 200 in a year and has hired Joseph Smith as Chief Revenue Officer. Spendesk provides a spend management platform that combines virtual and physical payment methods with approval workflows, automatic receipt capture, real-time spend analysis and invoice management. Finance teams benefit from reporting and accounting integrations built into the platform. More than 1,500 companies across Europe use Spendesk, including Seedrs, Houzz, Bulb and Moneybox. The company plans product development to add features such as smart analytics, support for more international currencies, wire transfers, and strategic partnerships with services like TravelPerk. Spendesk is also pursuing international expansion, opening new offices in London and Berlin. Led by CEO and founder Rodolphe Ardant, Spendesk raised €35M in a Series B, bringing total funding to €45M. Spendesk provides a SaaS business spending platform that lets employees submit purchase requests, access virtual cards for online payments, or pay in-person with a prepaid Mastercard card. The platform enforces company spending limits and transparent approval flows so employees have autonomy while finance teams retain control. Finance teams monitor spending in real time; payments are automatically categorized, matched with invoices and exported to accounting software. The company was founded in 2016 within the eFounders startup studio. In under 12 months the platform was adopted by more than 600 companies across Europe. Spendesk intends to use the new funds to accelerate product development and expand across Europe.

Total raised

$301M

Funding rounds

6

Latest round

Series C

Latest activity

Jan 2022