Parisian fintech startup Spendesk has raised €2 million in seed funding from the likes of Xavier Niel’s Kima Ventures and the Funders Club, the company announced early Tuesday in an email statement.
Spendesk runs an expense management service that has already roped in big name customers like music startup Deezer, France’s answer to Spotify. They call their service a “trackable spending process” which includes smart company cards for selected or all team members, a centralized dashboard, and automated bookkeeping.
“Current solutions are geared towards paperless payment systems. But this is not the problem, expense claims represent an operational nightmare that shouldn’t exist,” explained Rodolphe Ardant, founder and CEO at Spendesk.
The round included not only Kima and Funders but also angels Edward Lando, Stupeflix founder Nicolas Steegmann, and Frédéric Montagnon. The founders of Birchbox, AB Tasty, La Belle Assiette and Tinyclues — who are all Spendesk customers — also contributed, though they did not specify if all co-founders did among those startups or just some.
“Corporate payment systems must evolve to offer a greater degree of transparency, real-time control and to free teams of all paperwork related to travel expenses. That’s where Spendesk comes in,” Ardant added.
They are debuting a new service alongside the announcement, a travel expense management service.
Founded in June, the company brags it has handled €8 million in transactions since opening, with 3,000 per week.