Spendesk Becomes First Profitable Spend Management Platform, Redefining Finance with AI
LONDON--(BUSINESS WIRE)-- Spendesk, the AI-powered spend management and procurement platform, today announces a major milestone: it has achieved profitability, marking one full quarter in the black. This achievement makes Spendesk the first European spend management and procurement platform to reach profitability, a bold step forward in the industry's evolution.
Since its €2 million seed round in 2017, Spendesk has rapidly evolved from a disruptive startup to a profitable market leader. The company surpassed €1 billion in spend under management by 2021, then secured a €100 million Series C+ round in 2022 to reach unicorn status and €10 billion managed on the platform. Following the launch of Spendesk Financial Services, its regulated payment institution, and a strategic procurement acquisition, Spendesk doubled spend under management to €20 billion in 2024. Spendesk now processes tens of billions in purchases annually across more than 200,000 business users.
The company's successful drive to profitability fulfills its publicly stated objective for 2025, ahead of schedule, while maintaining double-digit growth.
'Spendesk has proven that it's possible to lead the spend management category while balancing growth with profitability,' said Axel Demazy, CEO of Spendesk. 'When I became CEO in 2024, we focused on three priorities: deepening our procurement offering, driving new revenue with Spendesk Financial Services, and accelerating internal efficiency with AI. These priorities have enabled us to achieve profitability ahead of schedule, while delivering even greater value and innovation to our customers.'
Rodolphe Ardant, founder of Spendesk, added: 'We set out to transform how companies manage spending in Europe. Since 2017, we've integrated AI into our technology, and today thousands of customers rely on Spendesk's AI to validate receipts and invoices, automate spend allocation in bookkeeping, and flag potential errors. Now, thanks to our new milestone of profitability, we can invest even further in the innovation our customers expect, increasing their efficiency through agentic assistants and providing deeper insights to optimise spend.'
As Spendesk enters this next chapter, it remains committed to continuing its double-digit growth by driving the next wave of transformation for finance teams. The company will invest beyond spend management, exploring AI-first opportunities in areas such as FP&A and ESG, where real-time insights and smarter decision-making will empower customers to excel.
'Profitability means more value for our customers,' continued Demazy. 'Our customers can be confident they are partnering with a sustainable provider, here for the long term. Profitability allows Spendesk to keep investing in new features, put AI at customers' fingertips, and help them make smarter decisions, ultimately optimising their P&L.'
Spendesk operates in the €70 billion Office of the CFO software industry, expected to grow at 13 percent annually through 2028. By combining advanced technology with financial discipline, Spendesk is uniquely positioned to sustain profitable, double-digit growth as the category continues to expand.
About Spendesk
Spendesk is the AI-powered spend management and procurement platform that transforms company spending. By simplifying procurement, payment cards, expense management, invoice processing, and accounting automation, Spendesk sets the new standard for spending at work. Its single, intelligent solution makes efficient spending easy for employees and gives finance leaders the full visibility and control they need across all company spend, even in multi-entity structures. Trusted by thousands of companies, Spendesk supports over 200,000 users across brands such as SoundCloud, Gousto, SumUp, and Bloom & Wild. With offices in the United Kingdom, France, Spain, and Germany, Spendesk also puts community at the heart of its mission. For more information: www.spendesk.com/press
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