Spendesk raises additional $18m to its Series B round
Spendesk, the spend management platform for SMBs has today announced it has raised $18 million in addition to its Series B round last year ($38 million).
The new investment comes from global VC fund Eight Roads Ventures and brings the total raised to $68.5 million. 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.
Spendesk offers an all-in-one spend management solution that delivers more visibility and automation to today’s finance teams. The platform combines spend approvals, virtual and physical cards for employees, expense reimbursements and invoice management into one source of truth.
The startup has maintained strong growth throughout the disruption caused by COVID-19 with subscription revenue doubling year-on-year, demonstrating the mission critical nature of the tool, and resilience of the business model.
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