Spendesk will use its latest funding to open offices in London and Berlin, while adding new features to its product.
The corporate card and expense service, which is headquartered in Paris, announced that Index Ventures led the latest funding round. It brings the total raised by the company to date to €45m.
The financing will go towards opening new offices in London and Berlin, and further serving customers across Europe, the Nordics and beyond.
The company said that it will also use the funds to strengthen its product by adding “market-leading features”, including smart analytics, support for more international currencies, wire transfers and strategic partnerships with complementary services such as TravelPerk.
Rodolphe Ardant, CEO and founder of 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 spending like it’s 1995 – with archaic processes like shared company credit cards, petty cash or manual expense reports. We’re here to change that.”
Founded in 2016, Spendesk provides a platform combining virtual and physical payment methods with approval workflows, automatic receipt capture, real-time spend analysis and invoice management. The start-up claims that customers can save up to three days each month on reconciliation tasks alone using this platform.
“Spendesk is the first spend management platform built for both finance teams and employees,” Ardant added.
“With visibility along the entire spending process, finance leaders can decentralise spending across the business without any loss of control. Employees benefit from streamlined expense and invoice management through the Spendesk website or app, whether on the road or in the office.
“It’s already been a big year for Spendesk. We’ve gone from 20 to over 120 employees in under 12 months, and more than doubled our customer base to 1,500 businesses across Europe. This fundraising will help us scale faster and deliver on our mission to help businesses everywhere spend smarter.”
Dominique Vidal, partner at Index Ventures, added: “Spendesk has seen a tremendous traction with small businesses across Europe.
“We are investing again, after leading the company’s Series A last year, to help Spendesk capitalise on this demand and expand internationally. This is a market that will continue to grow at a fast pace and Spendesk is well-positioned to be the category leader.”
Spendesk’s last funding round was in January 2018, when the company raised €8m.