Spendesk is the fifth French startup to become a unicorn this month

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Image Source: Techchrunch

Spendesk, a fintech startup, has announced an extension to its Series C round. Tiger Global is putting $114 million (€100 million) into the company. Following today’s funding round, the company claims a valuation of over $1.14 billion (more than €1 billion).

Spendesk, in other words, is a new unicorn in the French tech ecosystem. In France, funding news has been accelerating in recent months. In the month of January alone, five startups PayFit, Ankorstore, Qonto, Exotec, and Spendesk — announced that they had reached unicorn status.

Let’s return to Spendesk. The company provides an all-in-one corporate spend management platform for medium-sized businesses in Europe. Initially focused on virtual cards for online payments, the company has expanded its product offering to cover all aspects of corporate spending.

Customers who use Spendesk can order physical cards for their employees, and team members can use the platform to pay outstanding invoices, file expense reports, manage budgets, and generate spending reports. Spendesk hopes to simplify accounting and approvals in general by providing everything in a single service, allowing money to flow more freely.

Spendesk describes its platform as a “7-in-1 spend management solution,” implying that it is more than just a product that allows you to order debit cards for your employees.

Image Source: Yahoo.News

“We’ve had this goal since the beginning — we really want to become this platform, this operational system to manage your spending,” Rodolphe Ardant, co-founder and CEO, told me. “When we first started working on the product, we looked at each use case and designed the appropriate workflow.”

Spendesk is also working on automating bank account integrations, which could be especially useful for businesses with multiple bank accounts. For example, you could create a rule that automatically initiates a transfer between your German bank account and your Spendesk account whenever you need to pay a German supplier.

Spendesk isn’t Europe’s only spend management solution. There are some competitors, such as Pleo, which recently reached a $4.7 billion valuation, and Soldo, which has raised $180 million in funding in the last year.

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