Companies, regardless of their size, must have the right tools in creating and preserving value while running a business. No company wants to throw away its money. It is crucial to maintain the ups and downs of finances. Integrating the right spend management software solution as a part of a business plan is one way to build strength. And this is where Paris-based Spendesk plays the part.
Spendesk is a smart spend management software designed for both finance teams and employees. Its tool helps companies save time on spend management.
Spendesk raises Series C round
In a recent development, the all-in-one spend management platform, has raised €100M in its Series C round of funding. With this development, the company has now raised a total of €160M in funding, to date.
Last year, in October, the spend management platform raised $18M (approx €15.3M) from global VC fund Eight Roads Ventures.
The new investment follows Spendesk with a strong growth year as it doubled its revenue despite the pandemic, and also grew its team from 150 to 300 employees. Its membership in CFO Connect – a finance community built by Spendesk, has also doubled and now counts 6,500 members globally.
CFO Connect (meetup) was created to strengthen the global network of finance professionals and promote modern, agile processes.
The round is led by global growth equity firm General Atlantic. Besides, all previous investors including Index Ventures and Eight Roads Ventures also participated in this round.
Aaron Goldman, MD and Global co-head of Financial Services at General Atlantic, says, “Spendesk has set out to become the operating system for business spending – delivering visibility, transparency, and control to the CFO suite. The company is driving much-needed digital innovation in antiquated finance processes and helping to define the spend management software category. We are excited to back Spendesk’s mission and look forward to partnering to accelerate the business’ rapid growth.”
Funds for expansion
The raised capital from this round will help Spendesk to double its headcount within the next two years, and accelerate product innovation in order to bring more automation and insights to business spending.
Smart to spend management software
Founded in 2016 by Rodolphe Ardant, Guilhem Bellion, and Jordane Giuly within French startup studio eFounders, Spendesk offers a SaaS-based spend management solution that provides full visibility and control on all company spending — with every purchase trackable to a person, a project, and a budget.
According to Rodolphe Ardant, in the current work culture, employees crave more empowerment, agility, and faster decision-making to be effective in their roles. And traditionally, finance teams haven’t been equipped with the tools that can support this transformation.
Ardant adds, “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.”
The platform combines payments, processes, and data into one source, with virtual and physical cards for employees, expense reimbursements, invoice management, automated spend approvals, and budgets.
Currently, Spendesk serves 3,000 businesses including Algolia, Soundcloud, Curve, Doctolib, Gousto, Raisin, Sezane, and Wefox, among others. The company has offices in Berlin, London and San Francisco.
Recently, Spendesk hired Slack and Microsoft alumnus James Colgan as Chief Product Officer to take care of the company’s go-to-market strategy, and presence in key markets such as France, Germany & the UK. Smith brings over 25 years of experience to the role, having held similar positions with fast-growing SaaS businesses such as Dixa, Qubit, and Hootsuite.