SpendLab, an artificial intelligence (AI)-powered platform for accounts payable (AP) auditing and recovery, has secured majority investment from tech-focused investment firm Story Capital.
The partnership is said to signify a crucial milestone in SpendLab’s journey, propelling its mission to transform accounts payable management for global enterprises and the public sector with its technology solutions.
As part of the deal, the former owner group of SpendLab, led by founder Jos Houben, will maintain a substantial equity stake in the company and remain actively involved on its board.
Houben said: “We chose Story Capital as our partner, because of Story’s unique blend of entrepreneurial experiences, technological value-add in multiple facets such as AI, engineering and product, category expertise, and a shared vision for the future of SpendLab.
“This partnership is our commitment to driving innovation and excellence in the AP space for our current and future customers.”
SpendLab, which is based in The Netherlands, utilises over 450 algorithms and proprietary AI models to identify and rectify payment inaccuracies across AP processes, VAT, and vendor balance reconciliation.
Claiming to have a track record of analysing over one billion customer invoices, the Dutch fintech firm has recovered more than €500m for global enterprise customers across various sectors, including technology, consumer goods, healthcare, finance, automotive, and public sectors.
By blending its proprietary technology with in-house expertise, SpendLab is said to help its customers realise superior savings.
The investment from Story Capital, which focuses on technology transformation, will accelerate SpendLab’s new product roadmap, global expansion, and team development. It is expected to solidify the latter’s position in the AP audit and recovery domain.
Story Capital general partner Shuo Zheng said: “SpendLab represents the epitome of innovation and leadership in the accounts payable category. We are thrilled to support SpendLab’s trailblazing path towards a global technology powerhouse and delivering unparalleled value to customers worldwide.”