Spendesk snaps up €2m to manage company expenses

Paris-based expenses and payments management company Spendesk has raised €2m in a seed round.

The funding comes from Kima Ventures and FundersClub as well as angel investors.

Spendesk aims to give CFOs greater control over a company’s spending through a SaaS application and customised company cards.

Launched in June of last year the company initially offered coast management services to its beta users, which included Birchbox, AB Tasty, La Belle Assiette and Tinyclues.

These client companies’ founders also invested in the seed round.

Spendesk is also expanding its service to include travel expenses management to enable employees to use Spendesk cards rather than a company’s or their own.

The company claims it now processes 3,000 transactions week and counts more than 300 customers, including French tech firms Drivy and Deezer.

Spendesk will use the capital to hire more staff to drive product development with the aim to introduce more services for managing expanses and business spending.

Currently operating in France, the UK, Germany, Spain and Belgium, the company says it will also make hires in marketing to boost growth across Europe.

The startup previously picked up an undisclosed seed round from eFounders in May 2015.

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