Singapore-based Spenmo, a fintech startup that offers end-to-end software solutions for businesses to manage their payments, has snapped up USD 34 million in a Series A funding round led by New York-based VC firm Insight Partners.
The firm will utilize the fresh capital to expand its market share in Southeast Asia, where more than 20 million small and medium-sized businesses and mid-market companies have relied on scattered solutions like spreadsheets and manually tracked transactions to manage their payables, according to the company.
“Our space has typically been thought of as a back-office function, but finance and accounts payables are a critical part of running a business,” said Spenmo CEO Mohandass Kalaichelvan in a press release. “Finance teams who implement our software gain back man-hours. On average, they save over 50 hours and USD 10,000 every month. Our goal is to give back 10 billion man-hours annually to finance teams across the region.”
Founded in 2019, Spenmo allows businesses to integrate their company payments—including corporate cards, automated bill payments, approval workflows, and accounting reconciliation—within its software.
The investment involved an array of notable names, including former Tiger Global fund manager Lee Fixel, Salesforce Ventures, and Alpha JWC. It follows Spenmo’s USD 2 million seed round led by Y Combinator in August 2020.