Paris, February 21, 2017 - Seven months after its launch, FinTech startup Spendesk has announced it has raised funding of 2 million euros through well-known angel investors and pilot customers. Spendesk is taking this opportunity to reveal its travel expense management service, which it is adding to its corporate spending offering. After a few short months in business, the startup is witnessing remarkable growth, with hundreds of corporate customers carrying out more than 3,000 transactions through its platform each week.
Spendesk aims to offer a comprehensive travel expense solution
Travel expense management represents a burden for SMEs that can hurt efficiency.
"Current solutions are geared towards paperless payment systems. But this is not the problem, expense claims represent an operational nightmare that shouldn't exist,” explained Rodolphe Ardant, Founder and CEO at Spendesk. “Corporate payment systems must evolve to offer a greater degree of transparency, real-time control and to free teams of all paperwork related to travel expenses. That's where Spendesk comes in,” he added.
The combination of Spendesk payment cards and application saves employees time, making them more independent and doing away with the need for prepayment. Managers can monitor their teams' expenses in real time, even when they're traveling. Spendesk's payment cards have already been tried by more than 250 users throughout Europe.
Seed funding of €2 million to drive growth
Spendesk has raised €2 million to drive growth and enhance its offer. This seed funding round involved renowned funds such as Kima Ventures (Xavier Niel's fund) and FundersClub, as well as eminent angel investors such as Edward Lando, Nicolas Steegmann (founder at Stupeflix) and Frédéric Montagnon (Secret Media, Teads, OverBlog), among others. Spendesk's own customers also invested in the startup, whose services they use on a daily basis. A dozen entrepreneurs including the founders at Birchbox, AB Tasty, La Belle Assiette and Tinyclues participated in this round. “It's quite unusual and a real vote of confidence that our own customers wanted to invest, having been impressed with the service,” said Rodolphe Ardant.
Launched in June 2016, Spendesk provides companies with an innovative expense management service. In a few short months, hundreds of companies across Europe made payments in excess of €8 million through the platform. Customers such as Deezer, Webedia, Hostmaker and Drivy were convinced by Spendesk's corporate offering, which is versatile enough to meet the particular, and at times complex, issues faced by each company from approval processes to multiple teams, locations, and subsidiaries. "Spendesk's goal is to provide a payment management platform for all company expenses. We started off with online payments, we're currently addressing travel expenses and we will continue tackling any and all remaining sources of inefficiency,” said Founder and CEO Rodolphe Ardant.