Moss, a corporate credit card built for the entire company spending, has reportedly collected $25.5m in its new funding round.
Valar Ventures served as the lead investor, with participation also coming from Cherry Ventures and Global Founders Capital, according to a report from TechCrunch.
The Germany-based company Moss aims to replace expense reports through unlimited virtual and physical credit cards. Businesses can control their employee spending, automate accounting, manage subscriptions, track spending in real-time, set budgets and more.
Businesses have a credit limit of up to €250,000, with the ability to set the bill up to 30 days later. Clients can issue a physical card to each of their team, as well as virtual cards for subscriptions and online payments.
Moss has issued 1,000 corporate cards to date, and has processed around 10,000 transactions. The company currently supports startups and tech companies, but will expand into additional industries in the coming years, the article stated.
X1 Card, which claims to be the smartest credit card available, recently netted $12m in its funding round. Jared Leto joined the investors, which also included Spark Capital, Box CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, Affirm CEO and PayPal co-founder Max Levchin and Y Combinator Continuity CEO Ali Rowghani.
Germany has established a very strong FinTech sector. In 2019, a total of $3.2bn was invested into 70 companies based in Germany.
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