Corporate expense management company Spendesk has announced the raise of $9.9 million from Index Ventures with participation from Michael Benabou, Laurent Asscher and Showpad cofounders Louis Jonckheere and Pieterjan Bouten. The company raised $ 2.2 million early on previous year from Kima Ventures, Funders Club, others.
The latest capital injection will help the company to scale operations across Europe.
Spendesk was created in 2016 in France by Jordane Giuly, Guilhem Bellion and Rodolphe Ardant, to eliminating the administrative hassle of reporting and approving expenses. Via the platform, employees make purchase requests and gain access to virtual cards with set spending limits, which gives finance teams a real-time view of expenses as they occur. The plaform boasts of a client base of 600 companies across Europe.
“Spendesk has created a seamless product that [its] customers love, which is not an easy task when you talk about expenses. Whilst many other solutions have digitized the expense management process, Spendesk has built an entirely new workflow to manage spending across the company” expounds Dominique Vidal, partner at Index Ventures.
“Our ambition is to create the perfect tool for finance teams to handle all their payment workflows. Ultimately, finance departments should only use their bank account, their accounting software and Spendesk.” said Rodolphe Ardant, CEO. He was cofounder of digital advertising startup Wozaik, which was sold in 2013 to France’s version of the Yellow Pages.