Spendesk, the spend management platform for mid-sized businesses, has launched its own payment institution.

The move, which involves a strategic collaboration with Visa, comes as the London-based firm seeks to consolidate its end-to-end control over its payment services infrastructure and facilitate payment solutions to its clients across France and the rest of the EU.

Romain Boisson, managing director of Visa in France said that the collaboration aligns with the company’s commitment to strengthening its presence in the B2B market, particularly with French small and medium-sized enterprises.

Axel Demazy, chief executive of Spendesk added: “The strategic collaboration with Visa enables us to control the entire payment chain and unlock new innovation.”

The new institution, called Spendesk Financial Services, is now offering a fully integrated spend management solution to its 5,000 business customers across Europe, with the aim of supporting the end-to-end customer journey from procurement and spend management to payment.

Stéphane Dehaies, president of Spendesk Financial Services said: "The initiative allows us to innovate faster and respond more effectively to the needs of European SMEs and mid-market companies.”

Spendesk Financial Services is also introducing a range of new features, including account management and the provision of various payment methods like physical and virtual business cards, as well as transfers.

"We plan to integrate additional financial services in partnership with complementary market players," added Dehaies.

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