Spenmo bags US$34m in Series A round led by Insight Partners

FINTECH startup Spenmo, which launched in Singapore last year, 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 startup helps businesses to pay bills, track and categorise spending and close their books more easily with smart corporate cards and automated bill payments.

The fund was five times oversubscribed, with notable participants in the round including Lee Fixel's Addition, Salesforce Ventures, Alpha JWC, Global Founders Capital, Broadhaven, Operator Partners and Commerce Ventures.

Prominent angel investors like Plaid founder William Hockey and head of Stripe Indonesia Ongki Kurniawan also participated in the funding round.

Spenmo aims to use the funds to build market share and target small to medium enterprises and mid-market companies in South-east Asia which do not yet use any software to manage their payables.

The startup's founder and chief executive officer Mohandass Kalaichelvan said that finance teams who use their software solution save 50 hours and S$10,000 on average every month.

Principal at Insight Partners Rebecca Liu-Doyle is also joining Spenmo's board of directors and said that the payments industry is "ripe for disruption", especially in the untapped South-east Asian market.