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Spendesk becomes latest fintech unicorn

Spendesk becomes latest fintech unicorn

French spend management platform Spendesk has raised €100 million in Series C funding from Tiger Global, with participation from all existing backers, including General Atlantic, Eight Roads Ventures, Index Ventures and eFounders.

The new equity injection is a top-up to the firm's July €100 million raise and gives the company coveted unicorn status with a valuation of $1.14 billion.

Spendesk provides finance teams at midmarket companies with an SaaS spend management system for full visibility and control on all company spending — with every purchase trackable to a person, a project, and a budget.

The platform combines payments, processes and data, with virtual and physical cards for employees, expense reimbursements, invoice management, automated spend approvals, and budgets.

Having seen revenues double, its customer base reach 3500, and its headcount hit 300 over the last year, the firm will use the new funding to continue hiring and develop its products.

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