The funding will help Spendesk expand its business in the European market. Here are the top-line bullets you need to know.
Spendesk, a spend management software provider, has raised $117.8M in a Series C that drew participation from General Atlantic, Index Ventures, and Eight Roads Ventures.
HOW’S THE COMPANY PERFORMING?
- France-based Spendesk is a SaaS-backed card and spend management platform that caters to corporate finance teams. It currently provides its services to 3,000 businesses, including brands like Algolia, SoundCloud, Curve, and Doctolib.
- The company reportedly doubled its revenue in the last year.
- With offices in France, Germany, the US, and the UK, Spendesk doubled its employee headcount from 150 to 300 people in 2020.
WHY DOES THE MARKET MATTER?
- The global spend management software market is expected to grow at a CAGR of 17.7% and reach a value of $3.97B by 2027, according to Verified Market Research.
- This growth has been fueled by growing digitization across industries. As a result, businesses have been facing a growing demand for a solution that unifies spend management software and expense reporting & analytics.
- Companies are trying to find solutions to comply with tighter regulatory issues relating to accounts and spend information.