French startup Spendesk announced Wednesday it had raised a $118 million funding round (€100 million) led by General Atlantic with existing investors Index Ventures and Eight Road Ventures participating once again.
Overall, the company has raised $189 million (€160 million) since its inception.
Founded in 2016, Spendesk has honed in on all things “spend management.” A concept that aims to streamline every aspect of spending & managing money at work: expenses, card payments, and invoice processing, but also approval workflows and accounting automation.
So far the structure has been successful. Spendesk doubled its revenue over the past year and bolstered its team from 150 to 300 employees in the same amount of time. According to the recent news, it’s making plans to double its headcount again over the next couple of years.
In a statement following its press release, Rodolphe Ardant, co-founder and CEO of Spendesk, said it plans to “affirm Spendesk’s position as the only spend management solution companies need.”
In May 2021, Spendesk announced it had snagged James Colgan to work as its new Chief Product Officer. Having previously led product teams at Microsoft and Slack, Ardent said Colgan will be a key piece to building its product and automation. Unironically enough, Spendesk can actually be integrated in to Slack channels for approval as well.
There’s competition in the space. European spend management startups Soldo recently raised $180 million and Pleo snagged $150 million at a $1.7 billion valuation. But if all are flourishing then enough need is currently in Europe for all three to grow. Which one will reign though will be something to keep an eye on — especially if any decide to expand their markets internationally.
As of now, Spendex is currently operating with around 3,000 clients, including MoneyBox, Algolia, Soundcloud, Rent24, Doctolib, Wefox and number of others.