SaaS fintech startup Circula has today announced the close of a €12 million funding round for its employee finance app that is bringing more time and money to employees. The funding includes participation from ALSTIN Capital, Peak, and Storm Ventures. Existing investors Capnamic, Main Incubator and WENVEST Capital are also participating again.
The Berlin-based startup offers companies a comprehensive employee finance app that can be used by employees to digitally process expenses (e.g allowance and travel costs), and use employee benefits in a tax-compliant manner. It also provides employees with corporate credit cards with real credit lines, cashback and real-time statements, seamlessly integrated with Circula workflows.
Founded in 2017, Circula offers mid-sized and large companies alike a consolidated platform for managing expenses, credit card payments and corporate benefits in the areas that are important to every employee: meals, mobility and home office. The product reflects the current changes in the working world: simplicity, automation and appreciation are not only reflected in the expectations for modern products but also for employee experiences.
Through continuous product enhancements, Circula has not only tripled its revenue but also expanded its customer base to 1,000 companies, including DFL Deutsche Fußball Liga, Sportscheck, McMakler, Lilium and Ebner Stolz. From these customers, nearly half a million expenses were digitally processed in 2021 alone.
Nikolai Skatchkov, CEO and Co-Founder of Circula, said: “In the last twelve months, we have not only tripled our revenues, but also laid the groundwork to become a holistic employee finance app. With our Series A funding round, we are now continuing to write this growth in more markets and are going full steam ahead with our vision to give money and time back to even more employees”.
2022 has already been a busy year for the European spend management industry with lots of new capital already injected into the market. Circula are now carving out their own path, 70% of its customer base are professional services and established businesses. In a highly fragmented space, Circula has a strong position to go after the majority of the European market: SMBs and mid-sized businesses that are not tech companies.
With the capital from the financing round, Circula will grow its team from 50 to 120 employees, further develop its product, and enter new European markets, the first one being the Netherlands, this year.