Moss, a Berlin-based spend management platform, has raised €75M in funding in a Series B round at a valuation of €500M.
The round was led by New York-based venture capital firm Tiger Global Management with participation from A-Star.
The latest funding round comes six months after raising €25M from Peter Thiel’s VC firm Valar Ventures. To date, the company has raised a total funding of €130M.
Fund usage
The German company will use the funding to accelerate further expansion, product development, and staff growth.
After a successful stint in the Netherlands, Moss is focusing on the UK with its credit card and platform for spend management. Moss says it will be available in the UK in the next few months. Other markets will follow later this year.
A part of the funding will be used to develop products in spend controlling, liquidity planning, and accounting automation.
“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. This vision drives us and motivates us to constantly take Moss a step further,” explains CEO and Co-Founder Ante Spittler.
A holistic spend management
Moss was founded in 2019 by Ante Spittler, Anton Rummel, Ferdinand Meyer, and Stephan Haslebacher as the first corporate credit card for startups and digital companies in Germany.
Gradually, the company entered the SME market and expanded the product portfolio significantly.
At present, Moss offers four modules that companies can deploy either as a complete integrated solution or individually.
They are
- Flexible issuing of virtual and physical credit cards
- Digital entry and approval of invoices
- Smooth processing and reimbursement of employee expenses
- Reliable liquidity management.
“All four modules benefit from efficient accounting automation and integrations with common accounting software and ERP systems,” mentions Moss in the press release.
With its platform, finance departments can gain real-time visibility and control over all expenses and boost productivity across the business.
Since its inception, Moss has issued more than 20,000 physical and virtual credit cards and processed over 250,000 transactions.
As per the company’s claims, the team has doubled, and the customer base has been quadrupled since the financing round in August last year.
“There is a strong demand in the market to further digitize and automate financial processes and payments. With our solution, we want to help companies realize their full potential. This vision drives us and motivates us to constantly take Moss a step further,” explains CEO and Co-Founder Ante Spittler.
Investor
Based out of New York, Tiger Global Management is an investment company that focuses on public and private companies in the internet, software, consumer, and financial technology sectors.
Founded in 2001, the company has offices in Hong Kong, Singapore, Bangalore, and Melbourne. To date, it has invested in popular tech companies, including Facebook, LinkedIn, Spotify, Nubank, and Stripe, among others.
John Curtius, Partner at Tiger Global, on the investment: “Moss was able to convince us immediately with its innovative product. 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. Thanks to its unique technology, the potential for growth is immense. We are very pleased to be able to support the team to continuously grow in their core market of Germany and expand to additional markets.”
