A year after its creation, France-based Spendesk has launched its corporate expense management solution to the EU market, reports said Monday (May 31).
The company, founded within Paris-based startup studio eFounders, allows corporate managers to create physical or virtual commercial cards for employee spend; the tool then provides a platform for professionals to manage the activity on those cards and assess expenses.
“We give employees full freedom to get their job done, while allowing tight control on all spending through automated approval workflows,” said Spendest CEO Rodolphe Ardant in a statement. “Payments are one click away, but always in the hands of the CFOs.
“We reinvent corporate cards, as they should be, so that teams can be fully focused on making their company successful,” the executive continued.
The company presented at #ParisFounders earlier this year and has officially launched operations across Europe. According to reports, more than 50 businesses have signed up to use Spendesk’s Software-as-a-Service solution.
Spendesk is now reportedly looking to heighten its customer base, especially in Germany, Spain and Italy. Reports also said the company will look to raise seed funding by the end of the year.
“Corporate card management used to be a nightmare,” said Webedia Group Treasurer Ganna Verbytska, whose company is one of Spendesk’s early clients. “Teams share credit card numbers, which generated security issues for the company. At the end of the month I wasted countless hours finding who made the payments and tracking down invoices.”
Webedia deployed Spendesk two months ago to remedy these issues, the executive added.
Europe’s commercial card industry may be amid some industry changes, according to recent analysis from Mercator Advisory Group. Researchers said earlier this year that the region’s corporate card space is seeing significant growth in the area of virtual cards, and is actually seeing a shift away from corporate travel as the main driver behind corporate card spend.