At a Glance
Spendesk, a provider of all-in-one Spend management SaaS platform, has raised €100M ($118M) in Series C to increase hiring, accelerate product innovation and introduce spend management automation and insights to every finance team in Europe
Spendesk, an all-in-one SaaS spend management solution provider for finance teams, has raised €100 million ($118 million) in a Series C funding round led by General Atlantic to introduce automation and insights into every aspect of business spending, a press release said.
Spendesk’s Series B funding round was in 2019, where it raised $68.5 million. With the close of Series C, the total funding raised by Spendesk to date crossed €160 million ($188.72 million), it said. The company’s existing investors – Index Ventures and Eight Roads Ventures- participated in the Series C round.
Spendesk, founded in 2016, provides a spend-management platform that combines payments, processes and data into one source with virtual and physical cards for employees, expense reimbursements, invoice management, automated spend approvals, and budgets. The platform aspires to free finance teams from day-to-day admin tasks and helps them focus on proactive and strategic value-adding tasks.
Spendesk said that it would use the proceeds from the funding to hire more talent, accelerate product innovation and enhance automation of business spending. Rodolphe Ardant, founder and CEO of Spendesk, stated that as employees today crave empowerment, agility and faster decision-making in their roles, finance teams, traditionally, have not been able to keep up with the pace and tools to support such transformation. Stressing the significance of Spendesk, Mr. Ardant added,
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.Rodolphe Ardant, founder and CEO of Spendesk
Mr. Adrant expressed delight at partnering with General Atlantic and added that Spendesk would greatly benefit from the latter’s expertise in scaling SaaS and fintech disruptors. Aaron Goldman, managing director and global co-head of financial services at General Atlantic, lauded Spendesk for 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 growthAaron Goldman, managing director and global co-head of financial services at General Atlantic