Spendesk, a French FinTech company known for its innovative spend management platform, has taken a significant step forward by launching a new financial services division, Spendesk Financial Services, in collaboration with Visa. This new division is powered by a license from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), which grants Spendesk complete control over its payment services infrastructure. The primary goal of this initiative is to provide European SMEs and mid-market companies with a more streamlined and centralized payment management solution, enhancing efficiency and visibility across their financial operations.
Initially established as a SaaS spend management platform, Spendesk has been providing finance teams with tools that offer full visibility and control over company expenditures. This system ensures that every purchase is accountable, linking it to a person, project, or budget. Such capability is particularly appealing to mid-market companies looking for transparency and accountability within their financial operations. Spendesk’s considerable achievements, highlighted by its attainment of unicorn status in 2022 following a €100 million Series C funding round, have set the stage for this latest expansion into the financial services sector.
With the introduction of Spendesk Financial Services, the company is leveraging its partnership with Visa to offer enhanced features such as account management, physical and virtual business cards, and payment transfers. This strategic collaboration aims to enhance Spendesk’s core offerings while centralizing operational processes, allowing for the rapid integration of new features. Stéphane Dehaies, the president of Spendesk Financial Services, notes that this development enables faster innovation and better responsiveness to the evolving needs of European SMEs and mid-market companies. By taking control of its payment infrastructure, Spendesk positions itself to deliver superior services and bespoke solutions tailored to its clients’ requirements.