back Back

Spendflo raises $11m Series A led by Prosus Ventures and Accel

By Leandra Monteiro

April 05, 2023

  • Accel
  • Expansion Plans
  • Fund Management
Share

SpendfloSpendflo, an all-in-one SaaS buying and management solution, announced the completion of an $11 million Series A fundraising round led by Prosus Ventures and Accel.

It comes just ten months after its seed round, bringing the total funds raised to $15.4 million from investors, including Prosus Ventures, Accel, Together Fund, Signal Peak Ventures, and Boldcap Ventures. This round allows the company to fuel product growth and accelerate global expansion with a strong focus on furthering growth in the North American market.

“As cost optimization becomes a priority, Spendflo is becoming the go-to, tailor-made solution for buying, managing, securing, and saving on SaaS from one place. It fits like a glove for growth-hungry businesses and helps them unlock maximum ROI on their SaaS stack,” said Siddharth Sridharan, Co-Founder and CEO of Spendflo.

As part of the company’s growth efforts, Spendflo plans to broaden its North American footprint through the hiring of regional market leads and deploying on-ground activity that will result in greater awareness and Spendflo usage.

“Outsourced SaaS procurement and management is emerging as a dominant area of interest for organizations, driven by a complex SaaS stack and need to rationalize cost base. We’ve tracked Spendflo’s journey since their initial days and are extremely impressed with the team and its pedigree, evolution of product platform and features, and a roster of marquee logos across the globe. We are confident in their ability to become a ‘single source of truth’ for SaaS customers by offering value added features around infosec compliance, cloud cost optimization and cybersecurity. We are thrilled to partner and support Spendflo in their ambition to become a global SaaS buying and management platform,” said Ashutosh Sharma, Head of Investments, India at Prosus Ventures.

Dinesh Katiyar, Partner at Accel, said, “Spendflo has evolved from a SaaS buying solution into an all-in-one platform. Today they help businesses at every stage of their SaaS buying and management journey while saving them countless hours and millions in both time and money respectively. Their continuous upward growth has shown us they’re the right team to tackle and solve this challenge.”

Previous Article

April 05, 2023

Tandem Bank acquires money sharing app Loop

Read More
Next Article

April 06, 2023

REGO announces $100m in funding

Read More






IBSi Daily News Analysis

May 28, 2024

Accel

Latin America becomes a hotbed for FinTech unicorns and tech innovation

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Engine by Starling integrates Ozone API into SaaS solution

Read More

May 29, 2024

Banque Raiffeisen taps Worldline for instant payment processing

Read More

May 28, 2024

PayTabs & NuMetric team to enhance online invoicing for businesses

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023