French startup Spendesk has raised another $38.4 million in a Series B round, with existing investor Index Ventures leading the round. The company has raised $49.4 million (€45 million) over the years.
Spendesk is an all-in-one corporate expense and spend management service. It lets you track expenses across your company, empower your employees with a clear approval process and simplify your bookkeeping.
The service essentially works like Revolut or N26, but for corporate needs. After you sign up, you get your own Spendesk account with an IBAN. You can top up that account and define different sets of policies.
For instance, you can set payment limits depending on everyone’s job and define who’s in charge of approving expensive payments. After that, everyone can generate virtual cards for online payments and get a physical card for business travel.
When you’re on the road, you can pay directly using Spendesk just like any corporate card. If you have to pay in cash or with another card, you can take a photo of the receipt from the Spendesk mobile app and get your money back.
Many Spendesk users also leverage the service for other use cases. For instance, you can define a marketing budget and let the marketing team spend it on Facebook or Google ads using a virtual card.
You also can track all your online subscriptions from the Spendesk interface to make sure that you don’t pay for similar tools. If you hire freelancers, you can upload all your invoices to the platform, export an XML with your outstanding invoices and import it to your banking portal.
Spendesk tries to be smarter than legacy expense solutions. For instance, the company tries to leverage optical character recognition (OCR) to match receipts with payments, autofill the VAT rate, etc.
With today’s funding round, the company plans to open offices in Berlin and London, add more currencies and develop new features. Over the past year, the company went from 20 employees to 120 employees. There are now 1,500 companies using Spendesk in Europe.