Spenmo Awarded Series B Funding
Singapore, Singapore--(Newsfile Corp. - February 7, 2022) - Spenmo has been awarded $85.35 million in a Series B round led by Tiger Global Management, a New York based firm. America has Venmo, and Singapore has Spenmo but while both focus on financial transactions, Spenmo takes it a step further by helping its users save more so they can spend more, and also optimize on the time spent on monetary transactions as well as providing a more effective financial management tool that can deal with everything from the basic expenses to much more essential transactions such as vendor payments, or employee payrolls.
Spenmo is first and foremost a management system for people looking to scale their companies, because they can't do that efficiently when they have so many things to keep track of, all of which can be managed through one platform: Spenmo. A one stop platform for all transactional needs. While the company has no plans on replacing accounting software - what's more, they integrate popular software for ease of access - or creating a neobank, they do provide the most competitive rates by merging digital e-wallets and bank accounts to find the best exchange rates on the market. Not only does this save money, it also saves time. Financial management teams no longer have to scour the net and go through each money transfer platform in order to determine which has the best value because Spenmo will do it all. The fintech startup also deals with cross border transactions for over 80% of their clients, ensuring that they get the most bang out of every buck. According to the data garnered by the usage of Spenmo, the platform is able to save over 50 hours and $10,000 every month for each client.
With their eyes on South-East Asia, Spenmo is currently working on organizing payment systems in Vietnam and Indonesia, where plenty of e-wallet companies have popped up during the emergence of digital payments. It is a challenge, but Rebecca Liu-Doyle from Insights Partners, says that they are "thrilled to partner with Spenmo as the company builds its category-leading finance workflow software. Corporate spend management and payments remain ripe for disruption, especially in the Southeast Asian market." The private equity company is best known for its ScaleUp initiative but Insight Partners isn't the only company that believes in what Spenmo is doing. Having been awarded $85.35 million in a Series B round led by Tiger Global Management, a New York based firm. Insight Partners, Rocket Internet, Global Founders Capital and Alpha JWC Ventures joined Spenmo's Series B round and it has been reported that the payables software startup is halfway to unicorn status, having hit $500 million in valuation.
Tiger Global now owns approximately 11% stake in the payables fintech, but it goes without saying that this is the first time that a Singaporean startup has garnered this much attention and this much funding, with a record-breaking $34 million dollars in a Series A round.
"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," said Mohandass Kalaichelvan, CEO and Founder of Spenmo.
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