French startup Spendesk recently invested $9.9 million (€8 million) from Index Ventures with Michael Benabou, Laurent Asscher and Showpad cofounders Louis Jonckheere and Pieterjan Bouten also participating. Spendesk is a service that integrates prepaid cards with an expense report solution.
After signing up, each employee receives a personal card. Companies can top up their global Spendesk account with a normal transfer to a good old IBAN. Then you can define variety of policies to limit your employees’ expenditure.
As for employees, Spendesk centralize all expenses in a current interface. You can track your expenses and upload bills. Spendesk will pre-fill information and assist you match invoices with expenses thanks to a mobile scanning characteristics. You will be finally able to export all expenses to a format that is compatible with accounting software.
Rodolphe Ardant, founder and CEO of Spendesk said, “We are building a platform that simplifies your company’s operational spending — supplier payments, corporate expenses, card expenses.”
He also mentioned, “Everything goes through Spendesk with validation processes and the ability to control everything. Behind the scene, we’re automizing most of the tasks for the financial team. It makes them save an incredible amount of time every day.”
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Spendesk works in EUR, USD or GBP. Employees who are supposed to pay in cash or with another card can now add third-party expenses too. When it is the matter of online subscriptions, you can easily track and allow some subscriptions before it goes out of hand thanks to virtual cards.
Most importantly, many European companies still do not give corporate cards. Spendesk makes it easy to get started so that your employees do not waste time waiting for someone’s approval. Spendesk lets you set up a clear approval process for the many unusual purchases in the Spendesk interface.
So far, Spendesk has looked after over $49 million (€40 million) in transaction volume. 600 companies are utilizing it. And the best part is that you feel like you are not really paying anything to use Spendesk as the company is charging you on your Spendesk account.
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