Singapore-based Spenmo, which builds payment software for companies, has netted $34m in its Series A round.
The round was led by Insight Partners, a New York-based private equity firm. Other backers included Lee Fixel’s Addition, Salesforce Ventures, Alpha JWC, Global Founders’ Capital, Broadhaven, Operator Partners and Commerce Ventures.
A host of angel investors also committed capital to the round, including William Hockey (Founder of Plaid), Reuben Lai (Senior MD, Grab Financial Group) and Ongki Kurniawan (Head of Stripe Indonesia, Ex-Head of Grab Indonesia) are also participating in this round. Prior funding includes seed capital raised by Y Combinator, with participation from Flash Ventures, Rocket Internet, Iterative Capital, and the XA Network.
Spenmo claims this is one of the largest Series A rounds raised by a Y Combinator-backed company based in Southeast Asia.
The FinTech company designs end-to-end payables software that improves spend management, corporate cards, automated bill payments, approval workflows and accounting reconciliation. It claims clients can save 50 hours and $10,000 each month by using its services.
Since Spenmo launched in Singapore last year, it claims to have expanded across Southeast Asia and has thousands of customers from an array of sectors.
Spenmo CEO and founder Mohandass Kalaichelvan said, “Finance and accounts payables in particular have always been thought of as back-office functions that don’t deserve any attention – we think otherwise. We are excited to be building a magical payables experience that gives back 10 billion man-hours annually to finance teams across the region.”
In line with the deal, Insight Partners principal Rebecca Liu-Doyle has joined Spenmo’s board of directors.
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