Spendesk lands €100m Series C funding round
Spend management platform Spendesk has raised €100 million in a Series C funding round led by growth equity firm General Atlantic.
Spendesk has now raised €160 million in total
The round also included participation from existing investors Index Ventures and Eight Roads Ventures.
It follows a €35 million Series B round from 2019 and takes Spendesk’s total raised to €160 million.
The Paris-based firm plans to use the funds to double its staff over the next two years and accelerate product development following the arrival of former Slack and Microsoft veteran James Colgan as chief product officer in May.
Spendesk provides a Software-as-a-Service (SaaS) spend management solution that allows companies to keep track of their finances.
Founded in 2016, the company claims it now serves 3,000 businesses and managed to double its revenue and employee headcount over the last year.
The platform facilitates payments and also offers virtual and physical cards for employees, expense reimbursements, invoice and budget management and automated spend approvals.
Co-founder and CEO Rodolphe Ardant says the company aims to reduce the “administrative constraints of spending and managing money at work”.
