Spenmo a company that has created a seamless way to manage business payments, has raised US$34M capital in a Series A investment round led by New York-based private equity and venture capital firm Insight Partners. The fund was oversubscribed by a multiple of 5 and is one of the largest Series A rounds closed for a Y Combinator-backed company in Southeast Asia.
Participants in the round include Lee Fixel’s Addition, Salesforce Ventures, Alpha JWC, Global Founders’ Capital, Broadhaven, Operator Partners and Commerce Ventures. Aside from the institutional funds, several high-prominent 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’s flagship products—smart corporate cards and automated bill payments—helps businesses and their finance teams to pay bills, track and categorize spend, and close their books on autopilot in 90% less time.
Funds from the Series A round will help Spenmo to build market share and gain access to the more than 20 million SMBs and mid-market companies in Southeast Asia who largely do not use any software to manage their payables other than piecemeal solutions such as spreadsheets, or manpower, to close the gap.
“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,” says Mohandass Kalaichelvan, CEO and Founder of Spenmo. “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.”
Rebecca Liu-Doyle, principal at Insight Partners, is joining the Spenmo board of directors. “Insight is thrilled to partner with Spenmo as the company builds its category-leading finance workflow software,” said Liu-Doyle. “The payments industry is ripe for disruption, especially in the untapped Southeast Asian market. We’re excited to play a role in Spenmo’s ScaleUp journey as the company continues to innovate and expand.”
Since its launch in Singapore last year, Spenmo has expanded across Southeast Asia, bringing on several thousand customers who represent varied sectors, from high-growth startups, to SMBs, mid-market companies, and accounting firms.