Qandle said to close $1.2m pre-Series A round

HR management company Qandle has reportedly closed a $1.2m pre-Series A funding round led by Redwood Internet Ventures.

Former Rocket Internet venture partner Arum Chandra Mohan also participated in the funding round, according to a report by TechCircle which cites a top Qandle executive.

Qandle is a HR management platform that helps companies with processes including asset management, reports and analytics, employee compensation, onboarding, e-signatures, and expenses. The platform offers bank-grade security and is easy to setup within HR, talent management, payroll and business expense teams.

Through the platform, clients can help keep track of expenses, using e-receipts and easy reconciliation tools. For travel expenses, the platform is able manage individual and group requests, cater for multiple currencies, advance payments, reimbursements and offer analytics to optimise travel expenditure.

Capital from the round will be used to further invest in to the company product and support market expansion, it said.

Earlier in the month, enterprise debit card company Teampay netted $4m in its seed round to support its sales and marketing efforts. The company helps companies to keep track of their expenses by implementing a virtual card which can track and analyse spending.

Fellow expense reporting and invoice management company Chrome River, closed a $35m funding round from a group of investors including Bain Capital and Argentum Group.

Copyright ? 2018 FinTech Global

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