Index Ventures led round
The corporate card and expense service, which is headquartered in Paris, announced that Index Ventures led the latest funding round. It brings the total raised by the company to date to €45m.
The financing will go towards opening new offices in London and Berlin, and further serving customers across Europe, the Nordics and beyond.
The company said that it will also use the 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.
Rodolphe Ardant, CEO and founder of 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.”
Founded in 2016, Spendesk provides a platform combining virtual and physical payment methods with approval workflows, automatic receipt capture, real-time spend analysis and invoice management. The start-up claims that customers can save up to three days each month on reconciliation tasks alone using this platform.