Since one of Spenmo’s products is corporate cards, it is often compared to Brex or Aspire. We quickly realized that gave us an opportunity to bring all of these things into one place and reduce the silos that teams have to manage.” They use a tool for expense management, which is a silo, something else for vendor payments, something else for payroll and all these bank accounts they have to manage. “Right now companies don’t have that one source of truth. “We stopped branding ourselves as expense management and focused on building a payables experience because we want to be at the heart of everything a company pays out,” Kalaichelvan told TechCrunch. It included participation from Lee Fixel’s investment firm Addition, Salesforce Ventures, Alpha JWC, Global Founders’ Capital, Broadhaven, Operator Partners and Commerce Ventures, along with angels like Plaid co-founder William Hockey, Grab Financial Group senior managing director Reuben Lai and head of Stripe Indonesia Ongki Kurniawan.Ī Y Combinator alum, Spenmo was launched last year and has now raised a total of $36 million.
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Spenmo says this is one of the largest Series A rounds ever raised by a Singaporean startup. The Singapore-based company announced today it has raised a $34 million Series A led by Insight Partners, the New York-based investment firm known for its ScaleUp program. Spenmo was created to centralize SMBs’ accounts payable workflows. Financial teams also need to manage vendor payments, supplier payments, payroll and reconcile bank accounts, often in different countries, resulting in an overwhelming amount of work.
Spenmo originated as an expense management platform before realizing that expenses “are just a tiny sliver” of a company’s payables, founder and CEO Mohandass Kalaichelvan told TechCrunch.
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