Spend management startup Spendesk has secured a Series A round of €8 million led by Index Ventures to further its product development and expand into more markets.
Other participants in the round included a number of business angels that have previously invested in the company: Michael Benabou (cofounder of Vente Privée), Louis Jonckheere and Pieterjan Bouten (cofounders of Showpad), and Laurent Asscher.
The Paris-based fintech startup has developed a SaaS solution for managing and processing business expenses. Via the platform, employees make purchase requests and gain access to virtual cards with set spending limits, which gives finance teams a real-time view of expenses as they occur. More than 600 companies in Europe use the product.
Many companies still handle expenses on paper, said Rodolphe Ardant, CEO.
“Booking a plane ticket online, paying at a restaurant or settling a supplier invoice are frequent and essential actions that should be as easy as checking your inbox,” he said.
“Our ambition is to create the perfect tool for finance teams to handle all their payment workflows. Ultimately, finance departments should only use their bank account, their accounting software and Spendesk.”