Singapore fintech Spenmo secures US$34m Series A funding led by Insight Partners
Singaporean fintech Spenmo has raised US$34 million 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.