We’ve raised €35 million to transform spending at work!
Published on September 9, 2019
We’re excited to share that Spendesk has raised a €35M Series B investment round to continue transforming spending at work.
The round was led by Index Ventures, who also led our €8M Series A and who have been a committed and valued partner on our journey.
With new funding secured and a clear horizon ahead, now is the perfect time to refocus on our vision and what brought us to where we are today.
The Spendesk vision
Since we started in mid-2016, Spendesk has always had a clear vision. In fact, we’ve only ever had two goals as a company:
Help businesses spend smarter, everywhere.
Build a great global company where people thrive.
So how are we tracking against those goals?
Let’s look at goal number 1 first; helping businesses spend smarter.
Today, Spendesk is trusted by thousands of companies in over 30 countries. Our powerful spend management solutions help our customers save hundreds of thousands of hours on operational spend management, which adds up to millions of Euros, Pounds and Dollars saved.
Clearly, we’ve made a good start. But to me, it’s only just the beginning. That’s why today I’d like to reaffirm our commitment to our customers.
How about goal number two; building a great global company where people can thrive?
As a founder and CEO, this is especially important to me. Spendesk started as three people around a table with an idea. Today, we are over 100. At this point in our journey, it’s critical to ensure that we foster our culture of excellence, hard-work, commitment to customers and ownership we’ve built together as we start this new chapter.
The key takeaway for me is that our goals as a business are not going to change with this new investment. We’re still committed to building the best spend management platform for our customers and providing the best place to work for our people. And now we can move even faster.
What’s next for Spendesk?
#1 – Expanding our spend management platform
At Spendesk we believe all employees should be able to spend flexibly and securely at work, while the finance team stays in control.
That’s why we’re adding even more flexible ways to pay through Spendesk, including linked debit cards (in addition to our existing prepaid expense cards) and the ability to make wire transfers from your Spendesk account.
For finance teams, we’re going to continue to improve the way you control, track and report on operational spending. Look out for improved automation features for reconciliation and reporting, new accounting integrations and powerful spending dashboards and analytics.
#2 – Growing our team globally
Over the next year, we’ll be opening two new offices in Berlin and London to better serve our customers in these important markets.
Adding new locations will allow us to get closer to our global customer base and to continue to hire an internationally-rich team.
As we grow, we’re diligent to stay true to our values to be positive and humble, go the extra mile, take individual ownership and always put the customer first. Each new person not only helps us serve more companies, but also shapes and reinforces our culture at work.
#3 – Investing in partnerships and integrations
As we continue to develop our product, a key focus will be to integrate our platform with the tools your teams are using daily, to make spend management even more efficient across the company.
In addition to our existing Xero integration, we’re working to build additional integrations with leading accounting software, HR platforms, ERPs and BI tools to ensure that internal financial processes run smoothly between systems and tools.
We are also pursuing partnerships with complementary services to make operational spending even better. We’re excited to announce that we will be partnering with TravelPerk to bring our customers an integrated travel booking solution, and our existing integration with Slack ensures that spend management is beautifully easy across the organisation.
Finally, thank you!
Before I sign off, I’d like to say a few thank yous.
Firstly, to all of our customers, thank you. From those early beta testers who are still with us now to those just receiving their first demo, we appreciate the trust you’ve given us. We’re committed to always taking your feedback, putting care into our service even as we scale, and to building a spend management platform that everyone at work - employees and finance - loves using.
Secondly, to my fellow Spendeskers, thank you. We have big ambitions but because of you, we’re achieving our goals. I am excited to be on this journey with you and thrilled to see what big things we tackle next.
Lastly, to Index Ventures and eFounders, thank you for your continued support!
To helping businesses spend smarter.
– Rod, Co-Founder and CEO at Spendesk
P.S. For anyone who wants to join us on our journey, we’re hiring!