The issue management market in Europe is getting hot.
After the Danish fintech Pleo had already collected 150 million dollars in July, the French competitor Spendesk is now also announcing a new financing round of 100 million dollars.
The C-Series round was led by American venture capitalist General Atlantic, known for its stakes in Dutch financial services provider Adyen and rental platform Airbnb.
The financial start-up Spendesk, founded in 2016, offers software with which companies can more easily keep track of their company expenses.
For this purpose, expense reports, for example, are digitized and clearly bundled in an app.
Spendesk is currently active in the three markets of France, Germany and Great Britain.
The fastest growth comes from Germany, says co-founder and boss Rodolphe Ardant in an interview.
The money is to be used to finance expansion in this country.
New employees are also to be hired for this purpose.
Spendesk has a total of 300 employees, 40 of them currently in Berlin.
The entire team should double in the next twelve months, so Ardant - even triple in Berlin.
Spendesk plans to employ 120 people in Berlin by the end of 2022.
Small and medium-sized companies in focus
Similar to the other providers in the expenditure management market, Spendesk focuses on small and medium-sized companies.
According to the company, around 3000 companies with 30 to 1500 employees already use Spendesk software.
In Germany, these include Flixbus and the Berlin-based insurtech Wefox.
Ardant believes that 3,000 companies are very few in relation to the opportunities that the market in Germany still offers.
After all, there are a million companies that fall into this segment.
Like many other fintech founders, 38-year-old Ardant says that the idea for Spendesk was born out of frustration. You have to make decisions in companies quickly, he says. Instead, billing was chaotic in many companies. Employees who worked in operations saved an entire week of work per month with the platform, says Ardant. It costs companies 120 euros to use the software for one month. However, the price increases with the individual requirements for the system.
However, Spendesk is not the only provider pushing its way into the competitive market. Pleo and the Romanian fintech Payhawk have also expressed a particular interest in the German market. Although fintechs offer the same product in many ways, they all want to be different from one another. Ardant says to differentiate it from Pleo that Spendesk focuses on larger companies with their own finance team.