The French Fintech Company Spendesk Raises €100 million

Spendesk is a French startup founded in 2016. On July 21st, the company closed a $117 million (€100 million) funding round led by U.S. investment fund General Atlantic, accompanied by its historical investors, Index Ventures, and Eight Roads Ventures.

Spendesk is a solution used by SMEs to help them centralize payment cards, expense reports, supplier invoices, and pre-accounting tasks in one place. In other words, the company specializes in managing financial flows and aims to make them as simple as possible. This startup defines itself as “a unique, turnkey solution for peace of mind.”

Currently, Spendesk plans to strengthen its presence in Europe and the United States thanks to this $117 million (€100 million) fundraising round, considered one of the largest in France in 2021. “The pandemic has reinforced the need to dematerialize. It is in the interest of companies to decentralize. The market is huge but still nascent,” Rodolphe Ardant, co-founder, and CEO of the company told Maddyness.

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The story of Spendesk: a revolutionary fintech company

Spendesk was founded in 2016 by Jordane Giuly, Guilhem Bellion, and Rodolphe Ardant. It was built around the following observation: the control of financial flows remains very painful for professionals. Filling out an endless number of expense reports, going through a particular department to organize events, or asking for the company card to make purchases is a considerable waste of time. These processes can take days, as many people are involved in the operation.

The service offered by Spendesk allows employees to make any type of purchase (by money transfer or through virtual cards) and to be reimbursed quickly if they personally incur expenses. Similarly, the solution allows for optimal traceability of expenses. Thanks to this tracking, companies save 20% of their time on these tasks.

Spendesk: Great ambitions for the years to come

Spendesk has 3,000 customers to its credit. Every day, 70,000 users visit the platform to accelerate their business and facilitate their financial flows. Since its creation, the startup has managed $2.9 billion (€2.5 billion) in expenses, including one billion in the last six months. Its revenue, mainly from subscriptions to its platform, has doubled in one year. However, no official figures have been released.

The company is present in three markets: France, Germany, and England. The reason is simple: more than one million companies with 30 to 1,000 employees are present in these countries. Rodolphe Ardant, CEO of Spendesk, sees internationalization as “an astronomical growth opportunity.”

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(Featured image by Adeolu Eletu via Unsplash)

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