Berlin-based fintech startup Moss is on a roll this year. After the last financing round with Peter Thiel's VC Valar Ventures just six months back, the startup has now raised Series B funding round of €75 million ($86 million) from Tiger Global and A-Star.
The technology-driven platform for holistic spend management is on its way to achieving unicorn status in less than two and a half years since it was officially founded, with a company valuation of over €500 million ($573 million) and total capital of €130 million ($149 million).
Founded in 2019 by Ante Spittler, Anton Rummel, Ferdinand Meyer and Stephan Haslebacher, the fintech platform is on a mission to offer corporate credit card for startups and digital companies in Germany. After having entered the SME market and expanding its product portfolio significantly, the company aims to offer customers the choice of using the platform as a complete solution for their spend management, or to build a customised modular solution based on their needs. Using the platform, companies will be able to flexibly issue virtual and physical credit cards, digitally enter and approve their incoming invoices, easily process and reimburse employee out-of-pocket expenses such as travel costs and reliably manage their liquidity.
The fresh funding will facilitate the startup’s plans to enter the UK and other European markets, enhance the product and grow the team. Having grown to 25 members in less than three months, the startup has already expanded in the Netherlands with clients such as Ticketswap, Naduvi and O my bag.
Going forward, product innovation in spend controlling, liquidity planning and accounting automation is also on cards. "There is a strong demand in the market to further digitise and automate financial processes and payments. With our solution, we want to help companies realise their full potential," said CEO and Co-Founder Ante Spittler.
Talking about the new funding, John Curtius, Partner at Tiger Global said: "The modularity of the solution, in particular, enables companies to set up their spend management systems based on individual requirements and to massively streamline financial processes."