The Singapore-based startup has secured one of the largest Series A funding rounds to date in the country, which will allow it to expand in Southeast Asia.
Spenmo has announced a $34 million raise in a Series A investment round led by New York-based private equity and venture capital firm Insight Partners, according to a statement on Wednesday.
The fundraising round, which was oversubscribed by a multiple of five, saw the participation of Lee Fixel’s Addition, Salesforce Ventures, Alpha JWC, Global Founders’ Capital, Broadhaven, Operator Partners and Commerce Ventures, alongside several high-profile angel investors.
Spenmo helps businesses manage payments, and its products include smart corporate cards and automated bill payments. It graduated from the Y-combinator startup accelerator in 2020. Since its launch in Singapore last year, it has expanded across Southeast Asia, bringing on several thousand customers, Spenmo said.
The company said it sees growth opportunities in the region, which has over 20 million small and medium sized businesses that largely do not use any software to manage their payables other than piecemeal solutions such as spreadsheets or manpower.
Our space has typically been thought of as a back-office function, but finance and accounts payables is a critical part of running a business, Mohandass Kalaichelvan, CEO and Founder of Spenmo, said.