Spendesk, the leading spend management platform for small to mid-sized businesses (SMBs), announced on Monday it has raised €35M in a Series B round led by Index Ventures. This round brings the total raised to €45M. The investment will help fund product development and accelerate international expansion, with new offices opening in London and Berlin.
Rodolphe Ardant, CEO and Founder at Spendesk said, “We want to make spending at work as easy as it is in our private lives. We’ve already seen the private payments sector disrupted by new players like Revolut and N26, but most businesses still manage spending like it’s 1995, with archaic processes like shared company credit cards, petty cash or manual expense reports. We’re here to change that.”
The Spendesk platform combines virtual and physical payment methods with approval workflows, automatic receipt capture, real-time spend analysis and invoice management. Finance teams also benefit from powerful reporting and accounting integrations. On average, Spendesk customers save up to 3 days each month on reconciliation tasks alone.
“Spendesk is the first spend management platform built for both finance teams and employees”, says Ardant. “With visibility along the entire spending process, finance leaders can decentralize spending across the business without any loss of control. Employees benefit from streamlined expense and invoice management through the Spendesk website or app, whether on the road or in the office.”
Spendesk will use the newly raised funds to strengthen its product by adding market-leading features including smart analytics, support for more international currencies, wire transfers, and strategic partnerships with complementary services such as TravelPerk. The company will ramp up growth with a special focus on the UK market, tripling the existing English team at Spendesk and opening a new office in London before mid-2020.
“We see a year to year growth of 300 percent in annual revenue in the UK that we want to further accelerate with a local presence,” explains Ardant. More than 1,500 companies across Europe use Spendesk already to manage their spending, among them well-known names in the UK such as Seedrs, Houzz, Bulb or Moneybox.
“It’s already been a big year for Spendesk. We’ve gone from 20 to over 120 employees in under 12 months, and more than doubled our customer base to 1,500 businesses across Europe. This fundraising will help us scale faster and deliver on our mission to help businesses everywhere spend smarter,” Ardant added,
Dominique Vidal, Partner at Index Ventures is enthusiastic about the opportunity in spend management.
“Spendesk has seen a tremendous traction with small businesses across Europe. We are investing again, after leading the company’s Series A last year, to help Spendesk capitalise on this demand, and expand internationally. This is a market that will continue to grow at a fast pace, and Spendesk is well-positioned to be the category leader,” said Vidal.