Adyen (ADYEN:AMS), the financial technology platform for businesses, has announced its long-term strategic partnership with Spendesk, the spend management platform for medium-sized businesses.
The partnership will support innovation in embedded financial services, as Spendesk continues to accelerate bringing products to market in 2025, and Adyen continues to build embedded financial products, “including business bank accounts and card issuing.”
Spendesk offers a spend management solution that enables finance teams to automate workflows and gain full “visibility and control over company spending.”
Providing tools like virtual and physical cards, expense management, and a new procurement solution, Spendesk allows businesses to work with their accounting and financial software “via its APIs and native integrations.”
Scaling rapidly, Spendesk chose Adyen for its full stack Banking-as-a-Service (BaaS) coverage across markets, which eliminates “complex multi-provider set-ups.”
With Adyen’s UK banking license, this partnership empowers Spendesk to maintain full control over the payment experience, “provide its UK customers with the card customization they need, and embed financial products beyond payments going forward.”
As a company focused on providing finance teams with greater control, visibility, and automation, Spendesk sees an opportunity to enhance their payments solution by “refining spend management workflows for SMB users.”
Enhancements include:
- Leveraging data to increase visibility and control on the end-to-end payment process.
- Adding digital wallets (Apple Pay and Google Pay) to enhance XPays, a feature that provides companies with flexible payment options – improving the customer experience
- Maximising operational efficiency and reducing friction for customers through a streamlined onboarding process and an optimised payment success rate and processing time
Spendesk needed a partner that could safeguard against financial crimes.
With Adyen’s banking licenses in the UK, US and EU, the company is regulated and is able to ensure Spendesk is “continuously compliant within the countries it operates in and plans to expand to.”
Hemmo Bosscher, SVP Platforms and Financial Services at Adyen said that helping grow businesses like Spendesk is “at the core of what they do.”
Bosscher added that customers’ needs drive product development and it is great to see Spendesk “capitalizing on tour market coverage and single card issuing solution.” They noted that looking ahead, they are pleased to help Spendesk fully “seize the embedded finance opportunity as they scale their operations globally.”
As market participants in BaaS and spend management respectively, this partnership drives “real innovation for SMBs, a market category whose financial needs are often left unmet by traditional providers.”
