Adyen to Support Global Expansion of Spendesk’s Spend Management Platform
Spendesk aims to strengthen its offer in core markets and support the global growth of its spend management platform for medium-sized businesses with the help of its new partnership with FinTech platform Adyen.
Adyen’s banking licenses in the United Kingdom, the United States and the European Union will help Spendesk remain compliant in the countries in which it operates and those to which it plans to expand, the companies said in a Thursday (Nov. 21) press release.
“Trust and accountability are critical in our industry, and to achieve our global ambitions we need a partner who supports our growth with shared values,” Stéphane Dehaies, CEO of Spendesk Financial Services, said in the release. “Adyen’s technology, geographical footprint and commitment to innovation are helping us reach our goals as we navigate regulatory requirements and shifting customer needs.”
Spendesk’s spend management solution automates workflows, provides full visibility and control over company spend, and provides tools like virtual and physical cards, expense management and a procurement solution, according to the release.
With the help of Adyen’s banking-as-a-service (BaaS) coverage across key markets, Spendesk will be able to scale rapidly without the need for multiprovider setups and maintain full control over the payment experience, per the release.
“Our customers’ needs drive our product development and it is great to see Spendesk capitalizing on our market coverage and single card issuing solution,” Hemmo Bosscher, senior vice president platforms and financial services at Adyen, said in the release. “Looking ahead, we are excited to help Spendesk fully seize the embedded finance opportunity as they scale their operations globally.”
Spendesk said in October that it launched a procure-to-pay solution designed alongside its existing spend management platform, six months after acquiring intake-to-procure solution provider Okko.
The resulting fully integrated procurement and spend management tool is designed for European small to medium-sized businesses (SMBs) of up to 1,000 employees.
Adyen reported Nov. 7 that it achieved year-over-year revenue gains of 21% in the third quarter together with transaction volume growth of 32%.
The Dutch payments firm also reported that it has benefited from partnership with North American clients, including Cash App in the U.S. and Shopify in Canada.
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