Moss, the technology-driven financial management platform for holistic spend management, has just closed an extension of its Series A funding round of about €25 million. Only 6 months after the last financing round, the startup once again received funding from Peter Thiel’s VC firm Valar Ventures, with participation from Cherry Ventures and Global Founders Capital from Berlin. Moss can now report total capital of almost €55 million, with a company valuation of roughly €226 million, less than a year after its initial product launch.
Moss initially launched in 2020, offering a new type of corporate credit card for startups and digital companies in Germany. With Moss, customers now have access not only to high credit limits in conjunction with virtual and physical employee credit cards, but also to a versatile spend management software.
Since its inception, more than 8,500 credit cards (both physical and virtual) have been issued and over 100,000 transactions have been processed. The product’s usability and innovative approach of addressing company-specific needs seems to have convinced the market. Customers emphasize the efficiency gains Moss provides to their organizations, and following the success in the German startup market, Moss has recently also entered the SME market.
Moss CEO and co-founder Ante Spittler explained: “We want to help companies transform finance processes in their organizations to get the most out of their potential. This vision drives us every day and motivates us to take Moss to the next level. Our growth trajectory since founding Moss has been remarkable – both from a team and a product perspective. Since the last financing round six months ago, not only has our number of customers quadrupled, but we have also been able to introduce remarkable product innovations such as a seamless accounting export utilizing the DATEV API and digital processes for approving and managing invoices. And our credit product offers a unique benefit in the European card and spend management space.”
With the fresh capital, the startup now wants to tap into the European market with its credit card product and its financial management platform for holistic spend management. Moss will be available in a second market before the end of this year, with additional countries to follow in 2022.
In addition to internationalization, the team around the founders Ante Spittler, Anton Rummel, Ferdinand Meyer and Stephan Haslebacher is planning further product innovations such as an overview of company liquidity, as well as more comprehensive financing solutions. In doing so, Moss wants to take an important step towards a holistic platform for the management of all corporate finances.
Andrew McCormack, founding partner of Valar Ventures, commented: “We are delighted to continue to support the passionate founding team of Moss in achieving their goals. With their extensive tech and finance expertise and their business background, they are ideally positioned to bring a new understanding of spend management to businesses. Moss has been on a strong growth trajectory in recent months. With a market share of 15% among German startups, they are already among the market leaders in their segment. We are therefore excited about future developments.”