German corporate expense management platform Circula has raised ?12m from a Series A funding round as the expenses management market continues to heat up.
The company secured financial backing from Alstin Capital and Storm Ventures.
Founded in 2017, Circula claims it is merging expense management, payments and employee benefits to create the first truly employee-centric software-as-service product in Europe.
The firm provides mid-sized and larger corporate firms with an employee finance app that combines digital expnse management, a smart corporate credit card and employee benefits.
According to Circula, it intends to use the new funding to grow its team from 50 to 120 employees, further develop its product and enter new European markets, with the Netherlands set to be the first later this year.
The company noted it has come off the back of a strong 2021, having experience year-on-year revenue growth of 270% and having transitioned from being a single product of expense management to multiple products. It has also expanded its customer base to 1,000 firms.
Circula said, ?At Circula, we work on a product that perfectly reflects the status quo in the new world of work, placing the employee at the center, valuing their time and rewarding them for their contributions.? We are changing the way businesses think about their finance processes regarding employees moving from a traditional workflow-centric to an employee-centric approach.? Our product enables companies to provide tools designed for the new hybrid way of working.
?Merging together the ideas from expense management and employee benefits is an exciting opportunity. We deliver value by increasing the productivity of employees, raising the disposable income of our users and driving automation and compliance in the finance and payroll departments. And it not just an idea anymore.p>
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