French fintech Spendesk has raised $18 million in a funding round led by US-based Eight Roads Ventures, a year after closing its $38 million Series B round. Spendesk, which was created in 2016 by Rodolphe Ardant, Jordane Giuly, and Guilhem Bellion at eFounders startup studio, has developed an operational expense management platform for SMEs. The solution centralizes real-time expense validation, virtual and physical card issuance, expense report reimbursement, and supplier invoice payment.
Since 2019, Spendesk has opened offices in Berlin, London, and San Francisco and has recruited many new employees, with the team growing from 100 in 2019 to over 200 in 2020. The pandemic has accelerated the need for decentralization and digitization of financial services, and Spendesk has sought to strengthen its financial position to support its growth.
The funding will be used to develop new features such as budgets, dashboards, and control tools, and to consolidate the company's presence in the European market. Spendesk has raised a total of $68 million so far, with investors including Index Ventures, Kima Ventures, and FundersClub.
The company's expense management solution allows SMEs to manage and control all their expenses in one place, providing real-time visibility and transparency into company spending. Spendesk aims to simplify the expense management process, reducing the administrative burden for finance teams and enabling them to focus on more value-added tasks.
Eight Roads Ventures is a global venture capital firm that invests in innovative technology companies in sectors such as healthcare, consumer, and enterprise. The firm has offices in Europe, the US, and Asia and has invested in companies such as Alibaba Group, AppsFlyer, and iCarbonX.