Berlin-based Moss (formerly known as Vanta) has raised $29 million in a Series A extension funding round. The fintech offers high-limit physical and virtual credit cards and an expense and invoice tracking software solution. The newest round of funding will be used to accelerate product innovation, ramp up the team numbers, and fuel international expansion. To date, Moss has raised over $64 million.
Launched in mid 2020, Moss billed itself as, “the first true corporate credit card for start-ups and digital companies in Germany.” Since this time, over 8,500 credit cards, both virtual and physical, have been issued, and the company reports over 100,000 transactions processed.
Looking to move the goalposts further down the field, Moss is now rapidly gaining traction in the SME industry.
Offered in cooperation with Raisin Bank, Moss is a combination of software and a business credit card. The software makes bookkeeping easier by automatically tracking expenses and invoices; while the Mastercard network cards offer a credit limit of up to €250,000 and a no-interest payback term of 30 days.
“Moss has been on a strong growth trajectory in recent months. With a market share of 15 percent among German start-ups, they are already among the market leaders in their segment,” commented Valar Ventures founding partner Andrew McCormack.