Paris-based startup Spendesk raises $18 million

French Spendesk, the leading spend management platform, has added $18 million to its last year’s Series B round worth $38 million. The new funding comes from Eight Roads Ventures – a global venture capital firm that helps entrepreneurs scale. The company has raised a total of $68.5M in funding over 5 rounds, Crunchbase reports. 

Founded in 2016 by Rodolphe Ardant, Jordane Guily, and Guilhem Bellion, Spendesk is a unique spend management service, which allows people to control spendings, cost approval, company cards, cost recovery, invoice management in their companies in real-time. The startup is aimed to help businesses everywhere spend smarter. The service has a monthly subscription fee.

The raised funds will support the further growth of Spendesk and its team, also it will help to expand its product. To date, Spendesk has offices in Berlin, London, and San Francisco and helps more than 40,000 users at growing businesses to spend smarter. 

Rodolphe Ardant, CEO and co-Founder of Spendesk, said:

Many companies see inefficiency in dated processes such as shared company credit cards and manual receipt collection, particularly when their teams are working remotely. The trend towards greater decentralized spending creates complexity for finance leaders looking to monitor and control this spend, especially at the speed SMBs need to operate. More than ever, finance teams seek visibility and real-time access to accurate data to allow their businesses to maneuver safely through these challenging times.”