To grow smart corporate cards & automated bill payments, Singapore-based Spenmo raised US $34 M
Spenmo, a Singapore-based payment management startup, has raised US$34 million in a Series A round headed by New York-based PE and VC firm Insight Partners.
Alpha JWC, Salesforce Ventures, Broadhaven, Global Founders’ Capital, Operator Partners, and Commerce Ventures were also among the investors.
William Hockey (founder of Plaid), Andy Cohen (former SVP of Sales, Bill.com), Ongki Kurniawan (head of Stripe Indonesia), Kunal Bahl and Rohit Bansal (founders of Snapdeal), Matt Doka (founder of Fivestars), and John Kim (founder of Fivestars) were among the notable angel investors (founder of Sendbird).
This round was “oversubscribed by a multiple of 5,” according to Y Combinator-backed Spenmo.
Spenmo will use the funds to expand its market share and get access to Southeast Asia’s over 20 million SMEs and mid-market businesses.
Internal spend tracking, corporate cards, automatic bill payments, approval processes, and accounting reconciliation are all integrated into the startup’s end-to-end payables platform.
Smart corporate cards and automatic bill payments are two of its offerings. They assist firms and their financial teams in paying invoices, tracking and categorising spending, and closing their books on autopilot in 90 percent less time, according to the company.
Spenmo has grown rapidly in Southeast Asia since its inception last year, attracting thousands of clients from a variety of industries, including high-growth startups, SMEs, mid-market enterprises, and accountancy firms.
Spenmo has expanded to over 60 people and raised over US$36 million since completing the YC programme in 2020. Spenmo received $2 million in seed investment from Y Combinator, Rocket Internet, Iterative Capital, and XA Network angel investors in August 2020.
Mohandass Kalaichelvan, CEO and founder of Spenmo, said, “Finance teams that implement our software gain back man-hours. On average, they save over 50 hours and US$10,000 every month. Our goal is to give back 10 billion man-hours annually to finance teams across the region.”
Rob Keith, Head of Australia, Salesforce Ventures, noted, “Software equivalents in the US and Europe have grown exponentially in recent years. So, it’s no surprise that there is a high demand for a B2B payments solution like Spenmo in Southeast Asia,” said Rob Keith, Head of Australia, Salesforce Ventures.
