Spendesk, a French spend management platform, has introduced a financial services division under the name Spendesk Financial Services.
This development is enabled by a licence from the Autorité de contrôle prudentiel et de résolution (ACPR), empowering the firm with end-to-end control over its payment services infrastructure, according to Finextra.
The launch addresses a critical need for European SMEs and midmarket companies to have a streamlined and centralised solution for managing payments.
By gaining direct oversight of its payment infrastructure, Spendesk aims to improve its agility in responding to market demands and enhancing customer experience.
Founded as a SaaS spend management platform, Spendesk provides finance teams with tools to gain full visibility and control over all company expenditures.
Its system ensures every purchase is traceable to a person, project, or budget, making it a preferred solution for midmarket companies.
The platform’s robust functionality helped the company achieve unicorn status in 2022 following a €100m Series C funding round.
The newly launched Spendesk Financial Services offers clients across France and the European Union an enhanced payments infrastructure.
In collaboration with Visa, Spendesk can now deliver features such as account management, physical and virtual business cards, and payment transfers. These services not only strengthen its core offerings but also centralise operational processes, enabling the rapid introduction of new features.
Spendesk’s president of Spendesk Financial Services, Stéphane Dehaies, emphasised the significance of this milestone. “With Spendesk Financial Services, we’re not just managing payments. We now have complete control over our technological infrastructure, allowing us to innovate faster and respond more effectively to the needs of European SMEs and mid-market companies,” he said.
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