Spenmo lays off staff to extend cash runway

FIINANCIAL software startup Spenmo has initiated a fresh round of layoffs, according to an e-mail viewed by The Business Times, as part of a push to extend its cash runway past five years.

The startup offers spending management software-as-a-service (SaaS) solutions ranging from corporate cards to employee reimbursement. It recently raised a US$75.5 million Series B round in January 2022 led by Tiger Global, according to data platform VentureCap Insights.

The layoffs occurred on Nov 18, said the e-mail, with the macroeconomic environment and need for runway blamed for the layoffs. This was something that had been in the works for some time, said sources familiar with the matter, with team leads asked to select which of their team members to cut. A source put the number of people laid off at 30 per cent of Spenmo’s workforce, while another said it is about 70 out of the over 200 people employed.