Online payments company Spendesk has completed a ?2m funding round, to support the company’s expansion in Europe.
Index Ventures led the investment alongside participation from existing investors. Several business angels also contributed to the round including?Vente Priv?e co-founder?Michael Benabou and?Laurent Asscher?co-founder Louis Jonckheere, among others.
Launched in 2016, the company is a travel expense management company, that provides both a mobile and physical payment solution. Managers can monitor their teams expenses, while employees can make any necessary expenditures without the need for reports and paperwork.
Companies can transfer funds to the expenses card, set specific spending limits for various employees, automate invoice recovery and one-click accounting exporting.
The Paris-based company raised the equity to help drive its increase its product development and support its expansion plans.
Index Ventures partner Dominique Vidal said, ?Spendesk has created a seamless product that their customers love, which is not an easy task when you talk about expenses.?Whilst many other solutions have digitised the expense management process, Spendesk has built an entirely new workflow to manage spending across the company.p>
Last year, the Paris-based company raised a ?2m funding round led by Kima Ventures and FundersClub. The previous investment was raised to hire more staff members and increase the product development to introduce more services for its platform.
Earlier in the year, Index Ventures took part in the $75m funding round in to robo-advisor Wealthfront. The company raised the equity to support development of its technology and its features.
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