By Daniel Lanyon on Wednesday 19 January 2022
The Series C extension, led by US investor Tiger Global, brings Spendesk’s valuation to more than €1bn. The investment will be used to grow Spendesk’s team to 700 people this year.
Spendesk, which automates spend management for businesses, is the latest French fintech unicorn on the block following a €100m in additional Series C funding.
The Paris-based company is planning to use the funds to significantly increase its headcount, particularly in London, with the goal of hiring 300 new staff through 2022. The fintech says it made 100 new hires in 2021.
The additional money, from the US-based VC Tiger Global, follows a successful Series C round in July 2021.
All of its existing investors, including General Atlantic, Eight Roads Ventures, Index Ventures, and eFounders, participating.
“Bringing in the best and brightest people is my top priority right now,” says Spendesk’s CEO and co-founder, Rodolphe Ardant.
“We'll need to build and bolster our talent bench in all departments to help us achieve our ambitious goals for next year.
Spendesk offers corporate cards, invoice payments, expense reimbursements, budgets, approval, reporting, compliance, and pre-accounting.
During the pandemic, Spendesk says, it has more than doubled its revenue each year with more than €3bn of company spend managed through the platform in 2021.