Spendesk is the fifth French startup to reach unicorn status this month – TechCrunch


Fintech startup Spending Announced an extension of the Series C round. Tiger Global has invested $ 114 million (€ 100 million) in startups. Following today’s funding round, the company says it has reached a valuation of over $ 1.14 billion (more than € 1 billion).

In other words, Spendesk is a new unicorn in the French technology ecosystem. In France, funding news has accelerated over the past few months. In January alone, five startups announced that they had crossed the threshold to reach unicorn status — PayFit, Encore store, Qonto, Exotec And Spendesk.

Back Market, an e-commerce marketplace focused on refurbished smartphones and electronics Raised the mega round And it reached a valuation of $ 5.7 billion.

Let’s go back to Spendesk. The startup offers an all-in-one corporate spending management platform for midsize European companies. Initially focused on virtual cards for online payments, we have expanded our product offering to address everything related to corporate spending.

Spendesk customers can order physical cards for employees, and team members can use the platform to pay unpaid invoices, submit expense reports, manage budgets, and create spending reports. I can do it. Spendesk wants to simplify accounting and approval in general and give money more freedom by providing it all in one service.

Startups define the platform as a “7-in-1 spending management solution”. So Spendesk is no longer just a product that allows you to order debit cards for your employees.

“We have set this goal from the beginning. We really want to be this platform, this operational system for managing spending,” co-founder and CEO Rodolphe Ardant told me. I did. “When we started developing our products, we considered each use case and designed the appropriate workflow for it.”

In particular, Spendesk helps formalize internal processes. You can define your team’s budget, set up complex approval workflows for high-value payments, and automate tricky tasks such as VAT extraction.

“We are targeting mid-market clients. They are clients with 50 to 1,000 employees. There are some larger and smaller clients,” Ardant said. increase.

The company also currently has 3,500 clients, about half of which are based in France, while other clients are primarily based in Germany and UK clients are 30 through Spendesk in 2021 alone. I’m spending 100 million euros.

Since Spendesk is at the heart of the financial stack, it needs to be fully integrated with other financial tools (one for banks and the other for ERP products).

The startup currently supports many of the popular accounting tools used by European companies, such as Xero and Datev. Spendesk customers can also export transaction batches and import them into Sage, Cegid, and other accounting software solutions.

Spendesk is also working on automating integration with bank accounts. This can be especially useful for companies with multiple bank accounts. For example, imagine setting up a rule that automatically triggers a transfer between a German bank account and a Spendesk account when making a payment to a German supplier.

Image credit: Spending

Spending management in Europe

In Europe, Spendesk isn’t the only spending management solution.There are several competitors such as Pleo,Recently Valuation reached $ 4.7 billion, When Soldo — Another well-funded competitor Raised $ 180 million last year.

Even in the United States Brex When lamp It has reached a very high rating. Still, Spendesk doesn’t think it’s in the same position as an American startup.

“In the American market, it shouldn’t be called the spending management industry — it’s the corporate card industry. Players like Brex and Ramp are positioning themselves as a payment method,” said Spendesk’s co-founder and CEO. Rodolphe Ardant told me. “European corporate culture is a debit culture, not a creditor. We do not offer payment methods. We do provide processes.”

It’s interesting to see if European spending management startups can successfully enter the United States and vice versa, as this is a slight difference in product positioning.

In terms of business model, Spendesk also considers it a software company as a service with regular subscriptions. Startups didn’t want to share difficult numbers for revenue. The CEO just said that Spendesk’s revenue is “more than doubled each year.”

In today’s funding round, Spendesk plans to triple the size of the team over the next two years. The company plans to hire 1,000 employees by the end of 2023.

Spendesk is the fifth French startup to reach unicorn status this month – TechCrunch Source link Spendesk is the fifth French startup to reach unicorn status this month – TechCrunch

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