Spendesk Achieves Profitability, Leading the European Spend Management Market
Spendesk, the AI-powered spend management and procurement platform, has announced a major milestone: it has achieved profitability, marking its first full quarter in the black.
This achievement makes Spendesk the first European spend management and procurement platform to reach profitability, signaling a significant step forward in the industry’s development.
From Startup to Market Leader
Since its €2 million seed round in 2017, Spendesk has evolved rapidly, becoming a dominant player in the market.
The company surpassed €1 billion in spend under management by 2021 and secured a €100 million Series C+ round in 2022, reaching unicorn status and €10 billion in spend managed on the platform.
Following the launch of Spendesk Financial Services and a strategic procurement acquisition, Spendesk doubled its managed spend to €20 billion in 2024, and it now processes tens of billions in purchases annually across more than 200,000 business users.
Achieving Profitability Ahead of Schedule
Achieving profitability ahead of its 2025 target, Spendesk is proving that growth and profitability can go hand in hand. The company’s commitment to balancing growth with financial discipline has been key to its success.
Axel Demazy, CEO of Spendesk, said, “Spendesk has proven that it’s possible to lead the spend management category while balancing growth with profitability.”
He added, “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.”
With profitability now achieved, Spendesk is poised to invest further in innovation, particularly in AI-driven features and solutions, which will continue to enhance customer efficiency and decision-making.
Also read: Quinn Raises $11 Million in Seed Funding to Expand AI-Driven Financial Planning Platform
As Spendesk moves forward, the company remains focused on sustaining double-digit growth by exploring new opportunities in areas such as FP&A and ESG. With profitability as a foundation, Spendesk is committed to continuing to support its customers with smarter, real-time insights, helping them make better decisions and optimise their financial operations.
