Following this announcement, Marqeta has become the issuer processor for Spendesk Financial Services (SFS) in Europe, the payment institution powering and fully owned by Spendesk. The latter is set to leverage this combined technology in order to enable its small and medium-sized business (SMBs) customers to monitor budgets, customise spend controls, and boost efficiency.
In addition, by simplifying procurement, payment cards, expense management, invoice processing, and accounting automation, Spendesk’s single, AI-powered solution will make efficient spending easy for employees and give finance companies the full visibility and control they need. Both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Through this initiative, Spendesk’s financial capabilities will continue to offer real-time card processing, secure transactions, and spend controls, alongside expense management and a new procure-to-pay solution. Additionally, it securely integrates with existing accounting and financial software through its APIs and native integrations.
Furthermore, by leveraging Marqeta’s flexible, all-in-one platform, Spendesk Financial Services has easily integrated its card processing services into its Core Banking Platform, providing customers and clients with both physical and virtual cards that can be tailored to each business's needs. This process will optimise Spendesk’s complex B2B spend management by providing dynamic spend controls that efficiently and securely screen and authorise expenses in real time.
In addition, managers at companies using Spendesk will have the possibility to restrict card usage to specific times and spending categories, flagging any unusual transactions and allowing them to immediately approve or deny a transaction if necessary. This is expected to result in significantly less friction.
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