The new investment comes from Eight Roads Ventures and brings the total raised to $68.5m.
The company intends to use the funds to continue to expand operations and its business reach, as well as its product offering to provide budgetary control, spending insights, dashboards, and the ability for finance teams to temporarily limit employees from spending further if they haven’t submitted their receipts.
Founded in 2016 by Rodolphe Ardant, Guilhem Bellion and Jordane Giuly, Spendesk provides a spend management solution that delivers visibility and automation to today’s finance teams. The platform combines spend approvals, virtual and physical cards for employees, expense reimbursements and invoice management into one system.
Since its Series B in September 2019, the company has opened three new offices in Berlin, London and San Francisco, and increased their headcount from 100 to over 200 people.
Spendesk now serves over 40,000 end-users at growing businesses such as Algolia, Amboss, Curve, Doctolib, Gousto, Raisin, Sezane, Wefox.