Y Combinator-Backed Spenmo Closes US$34 Million Series A Fundraiseby Fintech News Singapore September 22, 2021
Singaporean payments firm Spenmo has raised US$34 million in an oversubscribed Series A investment round. It is touted to be the largest Series A round closed for a Y Combinator-backed company in Southeast Asia.
The round was led by New York-based private equity and venture capital firm Insight Partners. Rebecca Liu-Doyle, principal at Insight Partners, will be joining Spenmo’s board of directors.
Other participants include Lee Fixel’s Addition, Salesforce Ventures, Alpha JWC, Global Founders’ Capital, Broadhaven, Operator Partners and Commerce Ventures.
Aside from the institutional funds, several angel investors including William Hockey (Founder of Plaid), Andy Cohen (Ex-SVP of Sales, Bill.com), Ongki Kurniawan (Head of Stripe Indonesia), Kunal Bahl & Rohit Bansal (Founders of Snapdeal), Matt Doka (Founder of Fivestars) and John Kim (Founder of Sendbird) also participated.
Spenmo said that the funds will be used to build market share and gain access to SMEs and mid-market companies in Southeast Asia.
The company’s flagship products—smart corporate cards and automated bill payments—helps businesses and their finance teams to pay bills, track and categorise spend, and close their books on autopilot in 90% less time.
“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.”
said Mohandass Kalaichelvan, CEO and Founder of Spenmo.