Spendesk Adds $18M to its Series B Round from Eight Roads Ventures
French B2B Fintech welcomes new investor Eight Roads Ventures to support strong growth during the pandemic and Joseph Smith joins the team as CRO
Spendesk, the leading spend management platform for SMBs, today announced it has raised $18 million in addition to its Series B round last year ($38 million). The new investment comes from global VC fund Eight Roads Ventures and brings the total raised to $68.5 million. This funding will support the strong growth Spendesk has realised despite the current pandemic, which has accelerated digitisation of finance departments and increased the demand for spend management solutions.
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New Spendesk CRO Joseph Smith (left) with CEO & Co-founder Rodolphe Ardant (right) (Photo: Business Wire)
“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 decentralised 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,” says Spendesk CEO & Co-Founder Rodolphe Ardant. Spendesk offers an all-in-one spend management solution that delivers more 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 source of truth.
Spendesk has maintained strong growth throughout the disruption caused by COVID-19. Subscription revenue has doubled year-on-year, demonstrating the mission critical nature of the tool, and resilience of the business model. Membership to CFO Connect, the Spendesk-backed global community for finance leaders to meet and learn from each other has also doubled during the period. Since its