Business payment management solution Spenmo has netted $34m in its Series A funding round.
New York-based private equity and venture capital firm Insight Partners served as the lead investor. The round, which was oversubscribed by a multiple of five, was also backed by Addition, Salesforce Ventures, Alpha JWC, Global Founders’ Capital, Broadhaven, Operator Partners and Commerce Ventures.
In addition to investment funds, several angel investors also joined the round. These included Plaid founder William Hockey, former- Bill.com SVP of sales Andy Cohen, head of Stripe Indonesia Ongki Kurniawan, Snapdeal founders Kunal Bahl and Rohit Bansal, Fivestars founder Matt Doka and Sendbird founder John Kim.
Spenmo claims this is one of the largest Series A rounds closed by a Y Combinator-backed company in Southeast Asia.
With the investment capital, Spenmo hopes to bolster its market share and gain access to over 20 million SMEs and mid-market companies in Southeast Asia in need for software to manage payables, it said.
Spenmo’s smart corporate cards and automated bill payments enable businesses to pay bills, track and categorise spend and automate the majority of their books.
The platform launched in Singapore in 2021 and expanded across Southeast Asia.
Spenmo CEO and founder Mohandass Kalaichelvan said, “Our space has typically been thought of as a back-office function, but finance and accounts payables is a critical part of running a business.
“Finance teams who implement our software gain back man hours. On average, they save over 50 hours and $10,000 every month. Our goal is to give back 10 billion man-hours annually to finance teams across the region.”
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