The Series C extension, led by US investor Tiger Global, brings Spendesk’s valuation to more than €1bn. The investment will be used to grow Spendesk’s team to 700 people this year.
Spendesk, the 7-in-1 spend management solution for SMBs, today announced it has raised €100M as an extension to its Series C round in July 2021 (€100M). The new investment comes from American VC fund Tiger Global, with all existing investors, including General Atlantic, Eight Roads Ventures, Index Ventures, and eFounders, participating. The Paris-headquartered fintech company has seen remarkable growth during the pandemic. It has more than doubled its revenue every year, and more than €3bn of spend has been managed on the Spendesk platform in 2021.
With the new funds, Spendesk plans to heavily invest in growing headcount. The goal is to hire 300 new people in 2022. “Bringing in the best and brightest people is my top priority right now,” says Spendesk’s CEO and co-founder, Rodolphe Ardant. “We’ll need to build and bolster our talent bench in all departments to help us achieve our ambitious goals for next year. I want to continue building on the exceptional culture that Spendesk is known for.”
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Uber alumni Erin Reiger Zas has recently joined the leadership team as Chief People Officer to put even more investment in programs to continue to build on the rich culture that has earned Spendesk the title of “best fintech employer in Europe” from Glassdoor. Spendesk added 100 new hires in 2021 alone. With offices in London, Paris, San Francisco, Berlin, and most recently Hamburg, Spendesk also offers employees the option to work hybrid or fully remote.
“I’m thrilled to have joined a company that puts the success of their employees at the centre of the company mission. Ownership and trust are deeply rooted in our culture. We can give Spendeskers the flexibility they need to thrive because we know everyone takes ownership for our collective success,” says Reiger Zas.
Spendesk will further invest in its product to meet the growing demands of its customers at scale. The 7-in-1 platform frees businesses and people from the complicated and bureaucratic process of spending and managing money at work. The platform includes corporate cards, invoice payments, expense reimbursements, budgets, approval, reporting, compliance, and pre-accounting in one simple, scalable solution.
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Rodolphe Ardant continued:
“We enable everyone in the business to make a real impact with their work, with a platform that drives smarter spending decisions that contribute to real growth. Finance teams need full visibility and control along the entire spending process, and all employees should be empowered to contribute to the financial fitness of the company. We’re making huge investments in our platform this year, to make Spendesk accessible to more teams, provide actionable data and insights through our product, and make spending at work a frictionless process.”
John Curtius, Partner at Tiger Global, said:
“There is a multi-billion market opportunity ahead for Spendesk, and only a very small number of businesses have opted for a modern spend management solution. Spendesk has invested in a real end-to-end experience for finance teams early on, which we believe is the winning recipe in this increasingly competitive market. We are impressed with Spendesk’s ability to meet rapidly evolving customer needs in a very dynamic environment. This agility and drive to innovate is why we are super excited to be part of the Spendesk journey in 2022 and beyond.”