Spendesk (HX16) raises 100€ million and becomes the second eFounders unicorn

We are excited to announce that Spendesk (eF16) is officially entering unicorn territory after a 100€m extension to its Series C led by Tiger Global. Spendesk thus becomes the second eFounders company to reach the $1 billion valuation mark.

From Folio, to PayX to now Spendesk

The idea for Spendesk started to grow at our studio in the spring of 2015. We wanted to make expenses suck less by enabling startups to easily issue cards, payment methods and IBANs. Looking back, we can honestly say that we were ahead of the curve. Back then, neobanks like Revolut or N26 didn’t even exist.

Then came our first meeting with Rodolphe, the now co-founder and CEO of Spendesk. We are deeply grateful to Julien Chaumond who introduced us to Rodolphe on the fateful day of 10 June 2015. Thank you Julien! This intro changed the trajectory of eFounders, of Rodolphe and of all the people who participated in the Spendesk adventure.

It wasn’t long until we partnered with Rodolphe, we all saw a huge opportunity in front of us. Companies' expenses were broken and a huge pain for finance teams. Our visions aligned perfectly. We knew Rodolphe would be the best person to tackle it.

We almost went ahead with the name Folio but then opted for Spendesk instead — even though let’s be honest, most people around us weren’t big fans of it as some likened it to Spandex! In November of 2015, we had a website and we were ready to execute on our vision.

An incredible trajectory

The first payment with a Spendesk card happened in January 2016. It was used to buy a mediocre bottle of champagne on the Auchan webstore! Fast forward to January 2021 and Spendesk hit €1 billion spent on Spendesk using physical and virtual cards, through invoices and expenses. The company now has offices in Paris, London, San Francisco, Berlin, and most recently Hamburg. In 2021 alone, Spendesk added 100 new people to the team! And they’ve been crowned as “best fintech employer in Europe” on Glassdoor.

Today, Spendesk unlocks a new milestone. It officially enters unicorn territory. It’s a milestone for us too as it represents eFounders’ second company to reach this coveted status. Behind the number, it represents years of hard work, resilience, commitment, and execution. For us, it is yet again proof that the startup studio model works. That we have found the recipe for innovation. And that it lies in partnering with incredible people and building together. By making entrepreneurship happen as teams.

Spendesk wouldn’t be the success it is today without its leadership. We owe it to Rodolphe, Guilhem, and Jordane who led the company through its up and downs. And gathered an exceptional team who scaled Spendesk and truly transformed the way people spend at work.

What’s next

With the new funds, Spendesk plans to heavily invest in growing headcount. The goal is to hire 300 new people in 2022. The team will also further invest in its product, the 7-in-1 platform frees businesses and people from the complicated and bureaucratic process of spending and managing money at work.

So if you’re looking to join an incredibly rewarding adventure, filled with more milestones and challenges, then go on and apply!