Spendkey - empowering businesses to make intelligent spend decisions

by Startacus Admin

The lowdown on Spendkey and its mission to translate spend data into tangible spending insights, accelerating and automating business decision-making in the process.

Businesses need to know what they are spending. That’s common sense. They need to know what they’re spending, where they’re spending it, how it’s being used, and most vitally, whether they need to be spending it. By analysing financial data and expenditure, businesses can gain valuable insights into their spending patterns, identify inefficiencies, and discover potential areas for improvement.

Spend analytics enables organisations to not only keep on top of where their spending might be at risk of getting out of hand, but also to track supplier performance, negotiate better contracts, and reduce procurement costs. It even helps in identifying fraud, mitigating risks, and ensuring compliance with regulations. In short, spend analytics empowers businesses to make data-driven decisions that enhance profitability, competitiveness, and overall financial health. But it’s a time-consuming process.

Spend intelligence startup Spendkey is aiming to simplify and speed up spend analytics for businesses of all sizes. The platform uses AI and machine learning to perform spending analysis within minutes that they say a human would take 200 days to do, delivering 99.5% accuracy to provide business leaders a clear, granular view of spending across their organisation with which to make informed decisions. Intelligently and responsibly cut costs, move to better suppliers, improve sustainability, improve turnover and pass on savings to customers, all thanks to clearer, quicker insights. By understanding spending trends and patterns, businesses can make strategic adjustments, allocate resources more effectively, and drive operational efficiency.

Recently, Spendkey announced that they had raised £358,000 in funding in a pre-seed round led by early-stage investors Fuel Ventures and Scalebridge Capital, with participation from several angel investors. Co-founder Alex Grundy says that the funding will be used to “enhance our platform’s user-friendly workflows and carbon reduction features.” Since being founded in 2020, Spendkey has grown exponentially, and have already analysed £30 billion worth of spending for their clients, and it seems that as the startup’s reach expands, this will only be the start.

 

 

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• #spending
• #data
• #startup
• #ai
• #machine learning

Published on: 18th June 2023