Spendesk Closes another Funding Series

Spendesk, French FinTech focusing on business expense management just raised €35 million.

This funding Series was led by Index Ventures and involved existing investors, start-up studio eFounder and several new business angels.
Goal: speed up their development process in Europe.
In 2016, Spendesk launched a platform for centralising and managing expenses from start to finish, unburdening corporates from payments-related management constraints.
Business Model: subscriptions start from €89/month and per-user fees apply.
This investment will help them:
- Open new offices in Berlin and London;
- Design more features, including management dashboards and add currencies;
- Hire nearly 150 new employees by 2021.

Spendesk Key Figures

1,500 clients

30 countries

120 employees

Attracting customers. This start-up didn’t release their sales figures but claims they increased their revenue threefold over the past two years. Their list of clients includes Doctolib, Deezer or even Sézane. They intend to bet on this capital increase to grow their number of customer companies five times in the next 18 months.
Geographical expansion. 50% of their turnover is earned in France, then come Germany and the UK. This led Spendesk to open an office in Berlin. And they are expected to open another one in London fairly soon. Later on, they would also plan to land in Spain and Eastern Europe.
Fierce competition. Spendesk isn’t the only French FinTech focusing on the market for business expense management. Qonto claimed over 25,000 customers in the end of 2018: they also added finance management options. Yet another example, Mooncard specialises in expense report management. In the US, the Californian FinTech Brex launched a credit card for SMEs and start-ups; they recently raised $100 million.

In March 2018, Spendesk announced a €8 million funding Series for crafting new products. Since launch in 2016, this Paris-based start-up raised roughly €45 million.
The Danish FinTech Pleo –featuring relatively similar offers– recently raised $56 million. Pleo already entered the UK and Germany

Category : Alertes quotidiennes