For a growing business, it is crucial to have two things – the right people and the right tools, especially when managing money. Without proper implementation, those seemingly trivial budget leaks will bleed your money in due course.
An appropriate spend management solution can prevent unnecessary expenditure and cushions businesses against shrinking margins. However, finding it is a key challenge! Here’s where the French SaaS company Spendesk becomes relevant.
Based out of Paris, Spendesk is the all-in-one spend management solution built particularly for finance teams. Recently, Spendesk has raised €100M (approx £86.4M) funding in a Series C round led by global growth equity firm General Atlantic.
Other investors including Index Ventures and Eight Roads Ventures, also participated in this round. The latest funding brings the company’s total funding amount to €160M (approx £138M). Last year, the company raised $18 million (approx £13.1M) in addition to its Series B round.
The investment comes after a strong year of growth as Spendesk doubled its revenue, despite adverse market conditions during the pandemic, and grew the team from 150 to 300 employees.
How will the funding be used?
Spendesk will deploy funds towards hiring top talent and accelerating product innovation to bring more automation and insights. Notably, the company is focusing on the UK market as they plan to triple the team in London (currently 30 people) by next year.
Simplifying Spend management
Founded in 2016 by Rodolphe Ardant, Guilhem Bellion, and Jordane Giuly, Spendesk offers a spend management solution that provides visibility and control on all company spending.
The platform provides information on every purchase trackable to a person, a project, and a budget. With Spendesk, businesses can automate recurring expenses and automatically match invoices to expense claims saving a lot of time.
The SaaS platform allows companies to tailor debit cards to individual staff and categories of spending, and also offers single-use virtual credit cards for online purchases.
The company aims to liberate finance teams from day-to-day admin tasks by combining payments, processes, and data into one source of truth, freeing them to focus on proactive and strategic value-add.
Spendesk’s co-founder and CEO, Rodolphe Ardant, says “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.”
“We are thrilled to have top-tier growth equity firm General Atlantic join as an investor and support our mission to transform spending at work. We will greatly benefit from their expertise in scaling SaaS and fintech disruptors such as OpenClassrooms, Doctolib, Typeform, and Mollie,” Ardant added.
Aaron Goldman, Managing Director and Global Co-Head of Financial Services at General Atlantic, continued, “Rodolphe and the Spendesk team have 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’s rapid growth.”