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Berlin-based spend management platform Moss has has closed a Series B funding round of €75 million as it prepares to enter the UK market.
The startup 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 and total capital raised at €130 million. Peter Thiel’s Valar Ventures and Tiger Global are among the firm’s high profile investors.
The fintech was initially launched in mid-2020 as a corporate credit card for startups and digital companies in Germany. In the meantime, Moss has entered the SME market successfully, and expanded the product portfolio significantly.
The product currently offers four modules that companies can deploy either as a complete integrated solution or individually. Moss enables flexible issuing of virtual and physical credit cards, digital entry and approval of invoices, smooth processing and reimbursement of employee expenses, and reliable liquidity management. All four modules benefit from accounting automation and integrations with common accounting software and ERP systems.
Moss credit cards offer high credit lines and come with payment terms of up to 60 days or attractive cashback offers. The company has issued more than 20,000 physical and virtual credit cards and processed over 250,000 transactions.
After the Netherlands, the startup now wants to conquer the UK and plans to expand the current team of more than 200 people in the areas of product, technology, marketing and sales.
Financial Services
