FinTech specializing in the management of business expenses, Spendesk announced on Tuesday that it had raised 100 million euros. Here it has become the 26and French unicorn.
We can’t stop them! French Tech start-ups, and more particularly FinTechs, are in Olympic form (that’s good, the Winter Games are starting soon), as proven by Spendesk’s latest fundraising of 113 million dollars. dollars (100 million euros), which also follows its previous round of funding, which dates back only six months (104 million euros). The French nugget, which provides its customers with a 7-in-1 expense management platform, becomes the 5and unicorn of the month, and the 26and French, only 24 hours after the start-up dedicated to warehouse robotics Exotec.
Nearly 300 million euros raised by Spendesk, which confirms investors’ interest in FinTech
Rodolphe Ardant, Chairman and CEO and co-founder of Spendesk, himself announced on Tuesday morning the new fundraising for his company, based in Paris and founded in 2016. Since its creation, the start-up has managed to raise 260 million euros, investments that allow it today to exceed a billion dollars in business valuation, and to join the less and less closed club of French unicorns.
Behind this latest funding round, we find the American company Tiger Global, known for having already invested in certain Tech behemoths such as Facebook, ByteDance, LinkedIn, Waymo, Yandex, Coinbase (and others), but for having helped a another French FinTech, Qonto, to achieve an XXL fundraising of 484 million euros. It was last week. However, the American fund would not take part in the governance of the start-ups in which it invests.
Today, Spendesk presents itself as a ” complete expense management solution “, which is intended to improve collaboration between teams and improve the productivity of its client companies (there are 3,500 of them today in Europe and the United States), by freeing the administrative and financial teams of companies from the related to expense management.
Spendesk thus covers the entire expense process of a company, ranging from payment cards to accounting automation, including invoice processing, reimbursement of expenses, pre-validation of expenses, monitoring of budgets and spend analysis. A 7-in-1 solution, intended for companies with 30 to 1,000 employees, which is now contributing to its improvement.
One day a unicorn
These funds, Spendesk raised them with a view to making significant investments in its product in 2022. First, the third French FinTech to achieve a funding round greater than or equal to 100 million this year (after Qonto and PayFit ) wants to recruit. The company, which employs 350 “Spendeskers”, intends to hire 300 additional people in 2022, to reach around 700 employees by the end of the year.
In addition to improving its product and growing its workforce, Spendesk hopes to fill its client portfolio well. The company has already collaborated with Doctolib, Deezer, SeLoger, Doctolib, Printemps and Olivier Assurance and others.
What will be the next French start-up to join the unicorn clan? We are probably not at the end of our surprises, but anyway, after PayFit, Ankostore, Qonto, BackMarket and Exotec, French Tech is more flourishing than ever at the start of the year.
Source: Spendesk
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