Spend management solution Spendesk has raised €100 million as an extension to its latest Series C funding round.
The Paris-based FinTech said this investment brings its valuation to over €1 billion.
The original Series C round, worth €100 million, was announced July 2021.
Spendesk, founded in 2016,said its clients include Soundcloud, Curve, Doctolib, Gousto, Raisin, Sezane, and Wefox.
The new investment was led by US venture capital fund Tiger Global.
All Spendesk’s existing investors, including General Atlantic, Eight Roads Ventures, Index Ventures, and eFounders also participated.
The FinTech said it will use the capital to invest in growing its headcount, with a goal of hiring 300 new people in 2022.
“There is a multi-billion market opportunity ahead for Spendesk, and only a very small number of businesses have opted for a modern spend management solution,” said John Curtius, partner at Tiger Global. “Spendesk has invested in a real end-to-end experience for finance teams early on, which we believe is the winning recipe in this increasingly competitive market.
“We are impressed with Spendesk’s ability to meet rapidly evolving customer needs in a very dynamic environment.”
He added: “This agility and drive to innovate is why we are super excited to be part of the Spendesk journey in 2022 and beyond.”
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