Spendesk raises $118 million for its corporate spend management service

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French startup Spendesk has announced earlier contiguous that it has raised a $118 cardinal backing circular (€100 million) led by General Atlantic. Overall, the institution has raised $189 cardinal (€160 million) since its inception.

Existing investors Index Ventures and Eight Road Ventures participated erstwhile again successful today’s backing round.

Spendesk, arsenic the sanction suggests, focuses connected each things related to walk management. Originally founded successful startup workplace eFounders, the startup archetypal offered virtual and carnal institution cards for employees. While firm cards are rather fashionable successful the U.S., galore tiny and mean companies successful France can’t springiness a paper to each azygous employee.

That’s wherefore spending your company’s wealth tin beryllium a cumbersome process. You tin get your boss’s paper but they’ll person to spot you with it. You tin wage with your ain idiosyncratic paper but you privation to beryllium reimbursed arsenic rapidly arsenic possible.

By combining a SaaS level with firm cards, it opens up a ton of possibilities. For instance, you tin make an support workflow for costly purchases. You tin acceptable antithetic budgets for antithetic teams.

Over time, Spendesk has expanded beyond cards to negociate expenses and invoice processing. It tries to automate immoderate repetitive accounting tasks arsenic well. Employees are automatically reminded that they person to connect a receipt for each transaction. You tin export everything to Xero, Datev, Sage, Cegid oregon Netsuite.

If that transportation sounds familiar, it’s due to the fact that determination are a fistful of European startups that are each doing good successful this field. Soldo precocious raised $180 million portion Pleo snatched $150 million astatine a $1.7 cardinal valuation.

And yet, Spendesk doubled its gross implicit the past year. Its squad grew from 150 to 300 employees and it plans to treble its headcount again implicit the adjacent mates of years.

It means 2 things — the marketplace accidental is important and galore customers are switching from aged schoolhouse workflows to modern SaaS products. That’s wherefore 3 startups tin turn astatine the aforesaid time.

“Traditionally, concern teams haven’t been equipped with the tools that tin enactment this transformation,” Spendesk co-founder and CEO Rodolphe Ardant said successful a statement. “In the past fewer years we person built the notation walk absorption solution for concern teams successful Europe, which frees businesses and their radical from administrative constraints of spending and managing wealth astatine work. While our solution is astir empowering concern teams, we are really delivering worth to the full concern done the concern team.”

Spendesk presently has 3,000 clients, including Algolia, Soundcloud, Curve, Doctolib, Gousto, Raisin, Sezane and Wefox.

Image Credits: Spendesk

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