Spendesk announced a $18 million extension to its Series B backed by new investor Eight Roads Ventures

Spendesk, a Paris, France-based B2B financial service provider, announced getting access to a $18 million new funding round, as an extenison to its series B capital round.

The money was secured from British VC Eight Roads Ventures, which covered the entire amount. Spendesk announced its series B round at $38.4 million in 2019, backed by Index Ventures and eFounders.

Since the first close in September 2019, the French fintech company has opened three new offices in Berlin, London and San Francisco, and increased its headcount from 100 to over 200 people. Subscription revenue has continued to double year-on-year, Spendesk reports, and membership to its global network of finance leaders, CFO Connect, has also doubled during the pandemic.

Spendesk, founded in 2016 by CEO Rodolphe Ardant, developed an all-in-one spend management solution which combines spend approvals, virtual cards, physical cards, expense reimbursements, and invoice management. The company also operates CFO Connect, a community for finance leaders with regular meetups, helpful content and an exclusive Slack channel.