Skip to content
Finance

B2B Payments Firm Spenmo Receives Funding for Regional Build-Out

By Sarah Chen
1 min read
Spenmo
Spenmo
In this article (5)

The Singapore-based startup has secured one of the largest Series A funding rounds to date in the country, which will allow it to expand in Southeast Asia.

Spenmo has announced a $34 million raise in a Series A investment round led by New York-based private equity and venture capital firm Insight Partners, according to a statement on Wednesday.

The fundraising round, which was oversubscribed by a multiple of five, saw the participation of Lee Fixel’s Addition, Salesforce Ventures, Alpha JWC, Global Founders’ Capital, Broadhaven, Operator Partners and Commerce Ventures, alongside several high-profile angel investors.

Spenmo helps businesses manage payments, and its products include smart corporate cards and automated bill payments. It graduated from the Y-combinator startup accelerator in 2020. Since its launch in Singapore last year, it has expanded across Southeast Asia, bringing on several thousand customers, Spenmo said.

The company said it sees growth opportunities in the region, which has over 20 million small and medium sized businesses that  largely do not use any software to manage their payables other than piecemeal solutions such as spreadsheets or manpower.

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, Mohandass Kalaichelvan, CEO and Founder of Spenmo, said.

Questions & Answers

Q.

What is the total amount of funding Spenmo has received in this round?

A.

Spenmo has secured a total of $34 million in its Series A investment round. This funding is intended to support the company's expansion efforts across Southeast Asia.

Q.

Which firm led Spenmo's Series A funding round?

A.

The Series A investment round for Spenmo was led by Insight Partners, a private equity and venture capital firm based in New York. Several other investment firms also participated.

Q.

What kind of services does Spenmo provide to businesses?

A.

Spenmo offers various services to help businesses manage payments, including smart corporate cards and automated bill payment solutions. The company aims to improve finance and accounts payable functions.

Q.

Why does Spenmo see significant growth opportunities in Southeast Asia?

A.

Spenmo sees potential due to over 20 million small and medium-sized businesses in the region. Many of these businesses currently rely on manual methods like spreadsheets for managing payables.

Reader pulse

Is Spenmo's growth a threat or opportunity for established retail payment providers?

22,718 votes so far

Weekly Briefing

Asia's retail intelligence, in your inbox

Tuesday, Thursday and a Saturday Weekly Wrap: the retail stories, numbers and moves that mattered across Asia. Nothing else, and you can unsubscribe in one click.

  • Top industry moves and market shifts
  • Weekly data-driven analysis from across Asia
  • Tuesday, Thursday and the Saturday Weekly Wrap

Read by retail operators, investors and brand teams across Asia.

Protected by a quick human check. No spam, ever. Unsubscribe in one click.

SecureGDPR ready