Business expense management platform Spendesk raises €2 million

Paris-based fintech startup Spendesk has raised €2 million in a seed round from Kima Ventures, FundersClub, and several angel investors including Edward Lando, Nicolas Steegmann, and Frédéric Montagnon.

During March and June of last year, Spendesk was in beta with a number of customers such as Birchbox, AB Tasty, La Belle Assiette and Tinyclues. The founder of these customers also participated in the funding round.

Spendesk launched in June of last year as a cost management service for businesses and is now announcing a new service for managing travel expenses with its own payment cards rather than borrowing company cards or using personal cards and filling out expense reports.

According to a statement, the startup has been processing 3,000 transactions a week. It has 300 companies using its services, said Rodolphe Ardant, founder and CEO, including Drivy and Deezer. The startup said it plans to offers more solutions in the future for managing various kinds of expenses.

Spendesk intends to invest in new hires to boost its growth by focusing more on product development and marketing.

“The plan is to continue to grow in Europe. We already have customers in France, some in the UK, some in Germany, Spain, and Belgium” said Ardant told tech.eu. “We were targeting Europe from day one so we really want to add more customers in other countries. We need to invest in our sales team for that.”