The Rise of Spend Management Fintechs in the EU and UK
Let’s explore the EU and UK spend management market, players, and their innovative products like integrated corporate cards, automated bookkeeping, and real-time financial analysis tools.
As a fintech product manager and enthusiast who writes a newsletter, I constantly monitor developments in fintech, payments, banking, and related markets. Recently, my attention has been drawn to the spend or expense management landscape, especially after witnessing significant funding rounds by companies such as Payhawk, Ageras, and Light. These European companies have grown substantially in recent years and show tremendous potential for further expansion.
On a personal note, I always considered spend management a part of business banking until I realized it was a distinct field. This revelation occurred when I submitted a reimbursement form via a spreadsheet and emailed my receipt to the finance team. A brief conversation with them revealed that they were using basic tools like spreadsheets, company chats/emails, and accounting software. They mentioned they were exploring the market to find solutions for better spend management.
Let Technology Do the Job
Spend management is not a new concept, similar to many other fintech innovations. Companies have always managed their expenses using various tools, including Excel spreadsheets, accounting software, and bill payment tools. Corporate cards have also helped companies manage employee expenses and payments, albeit with a stack consisting of multiple moving parts and interactions.
