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Paris-based fintech startup Spendesk, an all-in-one corporate expense and spend management service, has raised €35M in a Series B round led by Index Ventures. With this round, the company has so far raised €45M.
What Spendesk intends to do with the €35M funding?
The company is planning to utilise the latest funds to develop its product by including features like smart analytics, support for more international currencies, wire transfers, and strategic partnerships with complementary services such as TravelPerk.
Furthermore, the company will use this fund to accelerate international expansion with new offices opening in Germany and the UK and the official launch in Spain and Scandinavia.
Wallets in various currencies
At present, Spendesk is available to companies incorporated in the U.S, France, the United Kingdom, Germany, Spain, Norway, Sweden, and Denmark. Also, users can create wallets with currencies in Euro, U.S. Dollar, Pound, Danish krone, Norwegian krone, and Swedish krona.
Rodolphe Ardant, CEO, and Founder at Spendesk said:
We want to make spending at work as easy as it is in our private lives. We’ve already seen the private payments sector disrupted by new players like Revolut and N26, but most businesses still manage to spend like it’s 1995 – with archaic processes like shared company credit cards, petty cash or manual expense reports. We’re here to change that.
1500 businesses in 30 countries across Europe
In business, it is essential to keep track of different types of spending such as Strategic spending, Discretionary and operational spend, and other expenses. For the unfamiliar, Spendesk is a smart spend management software designed for both finance teams and employees.
Founded in 2016 by Rodolphe Ardant, Jordane Guily and Guilhem Bellion at French startup studio eFounders, Spendesk now serves more than 1,500 businesses in 30 countries across Europe.
Here’s how the French fintech company plans to revolutionise the corporate credit cards segment.
By offering virtual and a plastic credit card!
At present, this platform offers two products, includes prepaid cards to replace old-fashioned company credit cards and virtual cards for online purchases.
Virtual card offers security!
In other words, employees who need to spend online can access single-use virtual cards for one-off purchases, or virtual recurring cards for subscription management and digital ads. Having said that, each virtual card comes with its own unique card details.
Notably, the payments will work wherever Mastercard is accepted. It’s worth mentioning that, on average, Spendesk customers save up to 3 days each month on reconciliation tasks alone.
On the other hand, employees can use prepaid Mastercards for on-the-go business travel expenses and in-store purchasing. All the payment are listed within the Spendesk platform
Revolutionising receipt collection
When an expense is made with a Spendesk card, the employee can simply snap a picture of the receipt at the time of purchase, which means no more lost receipts.
A couple of months back, Spendesk introduced ‘Collect,’ a new way to automatically retrieve and store all your digital receipts. With this new feature, users just need to select suppliers and enter account details to retrieve each receipt digitally. Also, the receipts are organized by date and supplier for easy retrieval within the Collect account.
Ardent added:
With full visibility over the spending process, finance leaders can decentralize spending across the business without any loss of control. Employees benefit from streamlined expense and invoice management through the Spendesk website and app, whether on the road or in the office.
Zero Liability Protection
Furthermore, Spendesk Mastercards are protected against fraud by Mastercard’s Zero Liability Protection. The Spendesk platform combines virtual and physical payment methods with approval workflows, automated receipt capture, real-time spend analysis, and invoice management.
Future goals!
The fintech company is striving to eliminate the administrative hassle of reporting and approving expenses. According to the CEO, the goal is to develop the platform until it can manage all aspects of spending and purchasing at a company.
Talking about its opponents, the French fintech startup faces competition from the likes of Expensify, Abacus, Happay, and more.!
Main image picture credits: Spendesk
Stay tuned to Silicon Canals for more European technology news.
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