France-based Spendesk, which offers corporate card and employee spend management solutions, has raised $2.2 million, according to reports Tuesday (Jan. 24).
Reports by TechCrunch said Spendesk secured the funding from Kima Ventures, Funders Club and angel investors Edward Lando, Nicolas Steegmann and Frédéric Montagnon. In perhaps an even greater show of support, Spendesk also secured backing from some of its existing corporate users, which include Birchbox and AB Tasty.
Spendesk provides corporate clients with both physical and virtual card solutions in an effort to control employee spend. The company provides a digital platform through which businesses can load funds onto their accounts, with funds managed by The Bancorp, and then allocate those funds to cards used by employees. Amounts loaded onto cards can be customized based on employee, while workers can request spend increases should they need to make a high-value purchase.
According to reports, the firm is now looking at new ways to help companies manage employee spend.
“Until now, we were focused on online purchases, and it’s really working well,” said Rodolphe Ardant, CEO and founder of Spendesk, in an interview with the outlet. “But people struggle with travel expenses, too.”
The executive also said that Spendesk will soon roll out a mobile app that allows employees to take pictures of their receipts while on a business trip, while the app will automatically send that information to managers in the finance department.
Reports said Spendesk currently sees 3,000 transactions a week over its platform, with customers in France and across Europe, including the U.K. and Spain. The company said it will use the latest funds raised to expand even further across the continent.
The funding follows less than a year after the company announced its launch last May when it emerged as a part of startup studio eFounders; reports this week said the company is now expanding independently of eFounders.