Spenmo secures $2m seed round to support move into Indonesia

Singapore-based Spenmo has reportedly bagged $2m in its seed funding round to help its move into the Indonesian market.

The capital was supplied by Y Combinator, Rocket International, Iterative Capital and angels from the XA Network, according to a report from Nikkei Asian Review.

With the fresh funds, the FinTech hopes to increase its product development and accelerate its expansion. Furthermore, the company plans on entering the Indonesian market by the end of the year or within the first quarter of 2021, it said.

Spenmo provides businesses with a dashboard to better manage their spending, including company cards, local and overseas invoice payment, approval-based spending and accounting automation.

The startup’s founder Mohandass Kalaichelvan told Nikkei, “We found that many didn’t have the right software to track how much money they were spending.

“This problem becomes more challenging once you go beyond Singapore, where a lot of this spending data is not digitized. … Conversely, we found that that lack of visibility on data actually prevented them from getting loans that they really needed.”

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