Spendesk, a spend management platform for SMBs, today announced it has raised £14m in addition to its Series B round last year (£29m). The new investment comes from global VC fund Eight Roads Ventures and brings the total raised to £53m.
This funding will support the strong growth Spendesk has realised despite the current pandemic, which has accelerated digitisation of finance departments and increased the demand for spend management solutions.
“Many companies see inefficiency in dated processes such as shared company credit cards and manual receipt collection, particularly when their teams are working remotely. The trend towards greater decentralised spending creates complexity for finance leaders looking to monitor and control this spend, especially at the speed SMBs need to operate. More than ever, finance teams seek visibility and real-time access to accurate data to allow their businesses to maneuver safely through these challenging times,” says Spendesk CEO and Co-founder Rodolphe Ardant.