Spendesk extends its Series B by $18m due to success during the pandemic

Spend management platform for SMEs Spendesk has closed an additional $18m to its Series B round, brining the round total to $56m.

The fresh equity injection was supplied by Eight Roads Ventures and will enable the FinTech to continue its growth rate, which has accelerated during the pandemic. The company has seen increased demand on digitalisation and spend management solution.

Funds will enable the company to explore new tools for budgetary control, spending insights and dashboards. The company is also creating a tool that will let finance teams temporarily limit employees from spending further if they haven’t submitted their receipts.

Spendesk previously raised $38m through the first close of its Series B back in 2019 from investors including Index Ventures.

During the pandemic, Spendesk claims it has witnessed strong growth, with its subscription revenue having doubled year-on-year.

Spendesk CEO and co-founder Rodolphe Ardant said, “Many companies see inefficiency in dated processes such as shared company credit cards and manual receipt collection, particularly when their teams are working remotely.

“The trend towards greater decentralised spending creates complexity for finance leaders looking to monitor and control this spend, especially at the speed SMBs need to operate. More than ever, finance teams seek visibility and real-time access to accurate data to allow their businesses to manoeuvre safely through these challenging times.”

Spendesk offers an all-in-one spend management solution that delivers more visibility and automation to today’s finance teams. The platform combines spend approvals, virtual and physical cards for employees, expense reimbursements and invoice management into one source of truth.”

Since the company closed the initial tranche of its Series B last year, it has opened new offices in Berlin, London and San Francisco. And increased its team from 100 to 200 people.

Spendesk has raised a total of $68.5m in funding.

Copyright © 2020 FinTech Global

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