As per reports, the global spend analytics market is expected to reach $7.63 billion by 2028 driven by factors, including increasing demand for cost reduction, the rising need for real-time data analytics, and growing adoption of automation technologies. By leveraging AI, Spendkey, a London startup provides a fast and real-time spend analytics platform for making business decisions. It is claimed to help customers identify 12.5% potential cost savings, on average.
Spendkey scored £358K in pre-seed funding from London-based early-stage investors Fuel Ventures that invested in Guider and Scalebridge Capital and several angel investors. With the investment, the company has emerged from stealth mode and will use the funding to continue its mission to transform vast amounts of data into tangible spending insights, accelerating and automating decision-making in the process.
Furthermore, Spendkey plans to use the investment to expand into more global markets, hire a dedicated sales team, strengthen its marketing activities, and introduce new best-in-class features to the platform.
Alex Grundy, Co-founder of Spendkey, said: “This investment is the next step on Spendkey’s journey, and it will provide us with the financial resources we need to enhance our platform’s user-friendly workflows and carbon reduction features. We’re thrilled to partner with Fuel Ventures and Scalebridge Capital to continue our mission to provide tangible spending insights, accelerating and automating decisions.”
Alexander Breeden, Senior Associate, Fuel Ventures, said: “What excites us with Spendkey is their ability to leverage AI to transform financial spending data and give businesses greater transparency over their spending at a granular level. It will empower businesses to make intelligent decisions around their spending, putting them on the front foot, and enabling them to proactively make more informed decisions over their finances.”
Jamie Su, Managing Director, Scalebridge Capital, said: “Alex and Akshay bring extensive domain experience and insights, along with a clear vision for the future of spending and procurement automation. We’re excited for the next stage of our work together.”
AI-powered spend intelligence platform
Spendkey was founded by Alex Grundy and Akshay Upadhye in 2020 as they identified a significant gap in the market while working together at a strategic consulting firm. The lack of granular and intelligent insights available when it came to business operating expenses, with little to no automation, led to them developing the AI-powered platform.
The Spendkey platform provides the management at large multinationals with a single, clear view of their spending across their organisations. It is touted to deliver 99.5% accuracy within 10 days. This equips them with the necessary insights to make more informed spending decisions without time-consuming backend processes.
As per the company, business spending that would take 200 days to manually analyse can be processed by the Spendkey platform in a matter of minutes. The company’s B2B platform has an extremely high degree of accuracy and costs only a fraction of the price of other alternatives in the space.
To date, Spendkey has processed £30 billion worth of transactions and grown 500% year-on-year. Its user-friendly platform has been acclaimed by big-ticket customers across multiple sectors, including pharmaceuticals, financial services, retail, professional services, and manufacturing companies.
