Spenmo Raises US$34M in Series A Funding

Spenmo, a Singapore-based provider of payments software for growing businesses, raised a US$34M Series A funding.

The round was led by¬†New York-based private equity and venture capital firm Insight Partners with participation from¬†Lee Fixel’s¬†Addition, Salesforce Ventures, Alpha JWC, Global Founders’ Capital, Broadhaven, Operator Partners and Commerce Ventures, and 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). Prior funding includes seed capital raised by Y Combinator, with participation from Flash Ventures, Rocket Internet, Iterative Capital, and the XA Network. In conjunction with the funding, Rebecca Liu-Doyle, principal at Insight Partners, is joining the Spenmo board of directors.

Led by Mohandass Kalaichelvan, CEO and Founder, Spenmo is a software startup focused on creating a seamless payables experience for fast-growing businesses. With the introduction of its flagship products ‚Äď smart corporate cards and automated bill payments ‚Äď the company enables businesses and their finance teams to pay bills, track and categorize spend, and close their books on autopilot.

After its 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.

After completing the Y-Combinator program in 2020, Spenmo has since grown to over 60 employees and raised over US$36M in venture capital.