Spend management platform for finance teams Spendesk raised €100m in Series C funding, bringing its total funds raised to €160m.
The round was led by General Atlantic with participation from previous investors Index Ventures and Eight Roads Ventures.
The company intends to use the funds to hire talent, accelerate product innovation to bring more automation and insights to every aspect of business spending, and expand in Europe.
Founded in 2016 by Rodolphe Ardant, Guilhem Bellion and Jordane Giuly within French startup studio eFounders, Spendesk is a SaaS spend management solution that provides visibility and control on all company spending — with every purchase trackable to a person, a project, and a budget. The platform combines payments, processes and data into one dashboard, with virtual and physical cards for employees, expense reimbursements, invoice management, automated spend approvals, and budgets.
In addition, it allows companies to tailor debit cards to individual staff and categories of spending, and also offers single-use virtual credit cards for online purchases. The company aims to liberate finance teams from day-to-day admin tasks by combining payments, processes, and data into one source of truth, freeing them to focus on proactive and strategic value-add.
The new investment follows a year of growth as the company doubled its revenue, and grew the team from 150 to 300 employees. Spendesk now serves 3,000 businesses such as Algolia, Soundcloud, Curve, Doctolib, Gousto, Raisin, Sezane, Wefox.
Spendesk’s co-founder and CEO, Rodolphe Ardant, stated, “In the past few years we have built the reference spend management solution for finance teams in Europe, which frees businesses and their people from administrative constraints of spending and managing money at work. While our solution is about empowering finance teams, we are actually delivering value to the entire business through the finance team. We are thrilled to have top-tier growth equity firm General Atlantic join as an investor and support our mission to transform spending at work.”
The fresh funding follows a strong year of growth as Spendesk doubled its revenue, despite adverse market conditions during the pandemic, and grew the team from 150 to 300 employees. Membership in Spendesk’s global finance community, CFO Connect, has doubled as well, now counting 6,500 members worldwide.
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