Spendesk Introduces Payment Institution To Improve Business Payments
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Spendesk, a France-based platform that helps manage business spending, has rolled out a new financial services division. This division operates with a special licence from the Autorité de contrôle prudentiel et de résolution, giving Spendesk full control over how it handles payments.
The company offers software to finance teams in mid-sized businesses. This tool allows businesses to see and manage all spending, linking each purchase to a person, project, or budget.
The New Division Helps Spendesk Centralise Operations
Spendesk Financial Services, which includes a partnership with Visa, allows the company to offer payment tools to its 5,000 clients in France and across Europe. Besides payment management, the new division helps Spendesk centralise operations and add features more quickly. Businesses can use services like account management, transfers, and physical and virtual business cards.
Stéphane Dehaies, the president of Spendesk Financial Services, said with the Financial Services, the company is not only managing payments. It now has full control over its technological infrastructure, giving Spendesk the opportunity to bring out new ideas faster and meet the needs of European businesses better.
Axel Demazy, the Chief Executive Officer of Spendesk added that this independence lets the firm continue innovating while giving clients safer and simpler tools.
He said the company’s goal is to become the leading payment solution in Europe, and the launch of Spendesk Financial Services is an important step. Partnering with Visa helps Spendesk manage the entire payment process and bring in new innovations.
Visa France’s leader, Romain Boisson, said the partnership supports Visa’s aim to grow in the B2B market, especially with French small and medium-sized businesses.
The Firm Seeks To Meet The Complex Needs Of Larger Businesses
The company has also bought Okko, a French procurement firm. This acquisition lets Spendesk add procurement services to its current automated accounting tools. Okko helps businesses manage purchasing, vendor relationships, and contract renewals, making it easier for teams to work together.
Spendesk said the purchase of Okko helps companies handle everything from planning to paying, all in one place. This addition allows finance, IT, and legal teams to benefit from streamlined processes.
The purchase shows that Spendesk wants to serve larger businesses with more complex needs. The company aims to offer full digital management solutions to its clients.
Founded in 2016, Spendesk grew quickly and reached unicorn status in 2022. Its Series C funding round was supported by investors like Index Ventures, Tiger Global, Eight Roads Ventures, and General Atlantic, Hexa (formerly eFounders).
