Moss, a financial management platform, has collected $29m in its Series A extension, coming six months after the initial round close.
This Series A extension puts the FinTech company’s valuation at $264m, which it has achieved within just a year of its debut product launch.
The fresh equity injection was supplied by Valar Ventures, the venture firm from Peter Thiel, Cherry Ventures and Global Founders Capital.
The company previously netted $25.5m in its initial tranche of Series A funding, which it closed in January 2021. The capital was deployed by Valar Ventures, Cherry Ventures and Global Founders Capital.
With the close of the round, the company plans to expand into the European market, with plans to launch in its second market last this year. It will then continue its rollout throughout 2022.
Alongside international growth, the company plans to enhance its product, with new features including an overview of company liquidity and comprehensive financing tools.
The FinTech company is looking to double the size of its team to exceed 100 in the coming years.
Moss, which is based in Berlin, launched in mid 2020 to provide startups and digital companies in Germany with a corporate credit card. The card, which is available as a physical and virtual card, enables companies to better manage their expenses and employee spending. Its services include employee expenses, invoice management, accounting and more.
Since its launch, the company has distributed 8,500 credit cards, which have been used for more than 100,000 transactions.
MOSS CEO and co-founder Ante Spittler, “Our growth trajectory since founding Moss has been remarkable – both from a team and a product perspective. Since the last financing round six months ago, not only has our number of customers quadrupled, but we have also been able to introduce remarkable product innovations such as a seamless accounting export utilizing the DATEV API and digital processes for approving and managing invoices. And our credit product offers a unique benefit in the European card and spend management space.”
Moss has raised a total of $64m in equity.
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