Spending management platform Spendesk has just closed a â‚¬35m Series B funding round, bringing the total investment injected into the company to â‚¬45m.
Index Ventures, the venture capital firm, led the round into the French FinTech scaleup. The investor has previously invested in renting platform Flatfair and the HR platform Personio.
â€œSpendesk has seen a tremendous traction with small businesses across Europe,â€ said Dominique Vidal, partner at Index Ventures. â€œWe are investing again, after leading the companyâ€™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.â€
The French startup will use the new money to fund product development and international expansions, looking particularly at Berlin and London. Those two cities are, together with Paris and few others, competing to become Europeâ€™s financial centre after Brexit.
Rodolphe Ardant (pictured), CEO and founder at Spendesk, argued that the company is the first spend management platform â€œbuilt for both finance teams and employeesâ€. This, he suggested, gives company chieftains full transparency over the process and empower them to â€œdecentralize spending across the business without any loss of control.â€
Ardant added, â€œWe want to make spending at work as easy as it is in our private lives. Weâ€™ve already seen the private payments sector disrupted by new players like Revolut and N26, but most businesses still manage spending like itâ€™s 1995 â€“ with archaic processes like shared company credit cards, petty cash or manual expense reports. Weâ€™re here to change that.â€
The first step to doing that, he said was to expand the platformâ€™s offering. The Spendesk will use the â‚¬35m to add new features like smart analytics, support more international currencies and wire transfers. The Paris-based enterprise will also strengthen strategic partnerships with companies like TravelPerk that can provide complementary services to users.
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