Fintech startup Moss has just closed its Series B funding round of €75 million and has now hit a valuation of over €500 million, putting it on the fast track to achieving unicorn status less than two and half years since it was founded.
Tiger Global Management led this new funding round with participation from A-Star – a mere six months after the startup banked €25 million from Peter Thiel’s VC firm Valar Ventures, with participation from Cherry Ventures and Global Founders Capital.
Berlin-based Moss launched in mid-2020 as the first real corporate credit card for startups and digital companies in Germany. Since then, not only was Moss one of our fintech companies to watch in 2021 but has also successfully entered the SME market and expanded its product portfolio.
Moss offers a modular solution, with four core capabilities that companies can deploy individually or as a complete integrated solution. Companies using the solution can flexibly issue virtual and physical credit cards, digitally enter and approve incoming invoices, easily process and reimburse employee out-of-pocket expenses and reliably manage their liquidity.
All modules benefit from efficient accounting automation and integrations with common accounting software and ERP systems. The credit cards also have high credit lines and come with payment terms of up to 60 days or attractive cashback offers.
It is this flexibility towards how companies use the system and the seamlessness of integration that has made the startup attractive to investors and customers alike.
Since its inception, Moss has issued more than 20,000 physical and virtual credit cards and processed over 250,000 transactions. Additionally, the company has grown tremendously. Since the former financing round in August last year, the team has doubled and the number of customers quadrupled.
The young company has an aim to expand its holistic spend management platform across Europe. After successfully launching in the Netherlands, eyes are now firmly set on conquering the UK. The Netherlands team was able to grow to 25 in just three months, with companies such as Ticketswap, Naduvi and O my bag becoming early adopters. With this experience, the expectation is that Moss will be up and running in the UK in the next months, before taking on other markets later this year.
In addition to expansion plans, founders Ante Spittler, Anton Rummel, Ferdinand Meyer and Stephan Haslebacher are planning exciting product innovations in spend controlling, liquidity planning and accounting automation. This will save Moss customers even more time and nerves and empower them to make better business decisions.
CEO and Co-Founder, Ante Spittler, said: “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.”
