Ukrainian startup Spendbase, which builds a SaaS platform for expense management, has raised investment from California-based Dnipro VC. The amount, closing date, and other terms of the deal have not been disclosed, though Dnipro VC’s typical ticket size ranges from $250,000 to $1 million.

«We decided to invest because the company is led by an exceptional founder, already showing impressive traction, and operating in a market we deeply believe in. Beyond that, our investment is also driven by our commitment to enabling the next generation of Ukrainian unicorns – we see this as a company with the potential to be one of them,» said Dnipro VC co-founder Marianna Bonechi in a comment to Scroll.media.

• According to Spendbase, the investment was structured as a rolling SAFE — meaning capital is raised gradually from multiple investors rather than in one large closed round — with Dnipro VC participating as one of those backers.
• This is not Spendbase’s first outside support. In June 2024, the startup received up to $100,000 in non-equity funding from Google, followed by a €50,000 grant from Seeds of Bravery in August 2024.

About Spendbase

• Spendbase offers an expense management platform that helps companies cut costs on SaaS and cloud services. It does so through deep software discounts, cloud credit purchases, and virtual cards.
• The company was founded in early 2023 by Andrii Aleksieienko, co-founder of the KOLO charitable foundation. Today, Spendbase serves around 800 customers worldwide.
• It employs more than 100 people across Europe, the UK, Latin America, and the US. The company has offices in Kyiv as well as across Europe, North America, and Asia.

• Recently, the startup launched its digital banking features and virtual cards to further take expense control.

«With this release, we moved beyond expense optimization and into the heart of business finance, becoming a central hub for financial management,» Aleksieienko told Scroll.media.

• With these new features, companies can instantly open corporate IBAN accounts in the EU and UK, make SEPA and Faster Payments transfers, and set up sub-accounts with spending limits for teams, employees, or projects. Businesses can also issue up to 100 virtual cards with features like up to 1.25% cashback, 3DS security, and granular spending controls.
• With these new features, companies can instantly open corporate IBAN accounts in the EU and UK, make SEPA and Faster Payments transfers, and set up sub-accounts with spending limits for teams, employees, or projects. Businesses can also issue up to 100 virtual cards with features like up to 1.25% cashback, 3DS security, and granular spending controls.

«This is especially valuable for Ukrainian companies who often face challenges when opening bank accounts abroad. For example, just last year, a major FinTech provider, Mercury, stopped supporting Ukrainian companies’ accounts, and similar obstacles remain across Europe. Spendbase removes this barrier, allowing Ukrainian businesses to instantly issue corporate IBANs across the EU and UK,» Aleksieienko noted.

• Looking ahead, the team is focused on scaling both its product and global presence.
• Spendbase is also building out new capabilities such as treasury management, settlement automation, and accounting integrations, with the goal of evolving into a full-fledged financial operating system for businesses.

About Dnipro VC

• Dnipro VC is an investment firm backing Ukrainian startups. It was founded in the US by Nick Bilogorskiy and Marianna Bonechi. Its portfolio includes Liki24, Let’s Enhance, Revalia Bio, PeopleForce, and Crosscheck.
• Its portfolio includes Liki24, Let’s Enhance, Revalia Bio, PeopleForce, and Crosscheck.