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Spendesk raises another $18 million for its corporate card and expense service – TechCrunch

French startup Spendesk has added $18 million to its Sequence B spherical. The corporate already raised $38.four million as a part of its Sequence B final yr, which implies that it raised $56.four million as a part of this spherical. Eight Roads Ventures is investing in at present’s extension spherical.

Spendesk, because the title suggests, focuses on all issues associated to spend administration. The corporate points digital and bodily playing cards for workers, allows you to arrange an approval workflow and manages expense reimbursements. It will possibly additionally centralize all of your invoices and receipts on the platform.

By centralizing the whole lot on the identical platform, it allows you to management your spending in actual time and save time on accounting duties. Reconciliation is less complicated should you mix transactions and receipts on Spendesk. Shoppers also can export knowledge to Xero, Datev, Netsuite or Sage.

Picture Credit: Spendesk

For large bills, you possibly can ship a request to your supervisor. In the event that they approve your request, you obtain a single-use digital card for that expense.

Equally, if your organization offers you a bodily debit card, you get a pre-defined finances. Your supervisor can prime up your card for large bills, block ATM withdrawals, block weekend transactions and extra. Staff can verify their funds from the cellular app, see their card steadiness and add receipts.

Spendesk is a software-as-a-service product with a month-to-month subscription payment. Whereas transactions have in all probability slowed down because of the financial disaster, the corporate says that its subscription income has doubled year-over-year. In only a yr, the corporate grew from 100 to 200 individuals.

It stays centered on small and medium corporations throughout Europe. There are 40,000 individuals utilizing Spendesk by their corporations. Shoppers embrace Algolia, Curve, Doctolib, Raisin and Wefox. The corporate has employed Joseph Smith as Chief Income Officer, pictured left above with the corporate’s CEO Rodolphe Ardant (pictured proper).

Spendesk Core Product

Picture Credit: Spendesk

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Romain Dillet