Spenmo, a Singapore-based software startup focused on creating a seamless payables experience for fast-growing businesses, today announced that it has raised a US$34M Series A investment round led by New York-based private equity and venture capital firm Insight Partners.
This will be one of the largest Series A rounds for a Y Combinator-backed company based in Southeast Asia and is the largest Series A for a "Singapore Inc." company. The round also includes participation from Lee Fixel's Addition, Salesforce Ventures, Alpha JWC, Global Founders' Capital, Broadhaven, Operator Partners and Commerce Ventures.
Beyond institutional funds, several high-prominent angel investors such as William Hockey (Founder of Plaid), Reuben Lai (Senior MD, Grab Financial Group) and Ongki Kurniawan (Head of Stripe Indonesia, Ex-Head of Grab Indonesia) are also participating in this round. Prior funding includes seed capital raised by Y Combinator, with participation from Flash Ventures, Rocket Internet, Iterative Capital, and the XA Network.
With the introduction of its flagship products - smart corporate cards and automated bill payments - Spenmo has been helping businesses and their finance teams pay bills, track and categorize spend, and close their books on autopilot in 90% less time. This opens the door to more than 20 million SMBs and mid-market companies in Southeast Asia, who largely do not use any software for payables or are using piecemeal solutions, spreadsheets and brute finance manpower to close the gap.
"Finance and accounts payables in particular have always been thought of as back-office functions that don't deserve any attention - we think otherwise. We are excited to be building a magical payables experience that gives back 10 billion man-hours annually to finance teams across the region." said Mohandass Kalaichelvan, CEO and Founder of Spenmo.
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. "Corporate spend management and payments remain ripe for disruption, especially in the Southeast Asian market. We're excited to play a role in Spenmo's ScaleUp journey as the company continues to innovate and expand."
After its successful launch in Singapore last year, Spenmo has since expanded across Southeast Asia and has thousands of customers from various sectors, including high-growth startups, SMBs, mid-market companies, and accounting firms.