Spendesk Launches Payment Institution to Expand Spend Management Platform Capabilities

Spendesk launched a payment institution that enables it to offer payment solutions to its clients across France and the European Union.

The new Spendesk Financial Services is regulated by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and includes a collaboration with Visa, Spendesk said in a Tuesday (Nov. 26) press release.

The payment institution’s capabilities join those of Spendesk’s spend management platform for mid-sized businesses, which is used by 5,000 client businesses across Europe, according to the release.

“With Spendesk Financial Services, we’re not just managing payments,” Spendesk Financial Services President Stéphane Dehaies said in the release. “We now have complete control over our technological infrastructure, allowing us to innovate faster and respond more effectively to the needs of European [small- to medium-sized businesses (SMBs)] and mid-market companies.”

Spendesk Financial Services enables the platform to offer a more secure and optimized environment for managing company spend, centralizing operational processes and speeding the introduction of new features, according to the release.

The financial services it provides include account management, the provision of payment methods like physical and virtual cards and transfers, and the ability to add new financial services and payment features, the release said.

“Our goal is to become the standard for payment at work in Europe, and this launch is a crucial step forward,” Spendesk CEO Axel Demazy said in the release. “Spendesk Financial Services, in strategic collaboration with Visa, enables us to control the entire payment chain and unlock new innovation.”

Spendesk added a procure-to-pay solution designed alongside its spend management platform in October. The addition created a fully integrated procurement and spend management tool for European SMBs of up to 1,000 employees.

On Thursday (Nov. 21), the company said it partnered with FinTech platform Adyen to strengthen Spendesk’s offer in core markets and support the global growth of its platform.

Adyen’s banking licenses in the United Kingdom, United States and EU will help Spendesk remain compliant in the countries in which it operates and those to which it plans to expand.

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