Business payment fintech Spenmo has raised $34 million in a Series A investment round.
The fundraise was led by New York-based VC firm Insight Partners, which focuses on high-growth technology and software companies.
The round was oversubscribed by a multiple of five, making it the largest Series A round in Singapore to date. Rebecca Liu-Doyle, principal at Insight Partners, will join Spenmo’s board of directors.
Investor participants included Salesforce Ventures, Global Founders’ Capital and Commerce Ventures alongside several prominent angel investors including Plaid founder William Hockey and head of Stripe in Indonesia Ongki Kurniawan.
Spenmo’s range of corporate cards and automated bill payments software provides an end-to-end integrated and holistic view for finance teams.
The firm, which launched in Singapore last September, now has several thousand customers including startups and accounting firms.
The fintech will use the cash to reach out to the more than 20 million SMEs and mid-tier companies in Southeast Asia who have largely foregone accounting software, and who rely on paper and manpower to balance the books.
Spenmo CEO Mohandass Kalaichelvan says his firm’s offering has typically been thought of as a back-office function, but finance and accounts payables are “a critical part of running a business” and finance teams who use Spenmo’s software save over 50 hours and $10,000 every month.