Moss, the technology-driven financial management platform for holistic expense management, has successfully closed a $ 29 million Series A expansion funding round.
Only 6 months after the last funding round, with huge growth and ambitious but promising targets for 2021/2022, the start-up again received funding from VC Valar Ventures from Peter Thiel, with the participation of Cherry Ventures and Global Founders Capital of Berlin. Moss can now report total capital of over $ 64 million, with a company valuation of $ 264 million, less than a year after its product’s initial launch. Existing investors thus reaffirm their confidence in the business model and support the Berlin start-up in its further development plans for the product.
“We want to help companies transform their organizations’ financial processes to make the most of their potential. This vision drives us every day and motivates us to take Moss to the next level. Our growth trajectory since the inception of Moss has been been outstanding – from both a team and a product perspective. Since the last funding round six months ago, not only has our customer base quadrupled, but we have also been able to introduce product innovations. remarkable such as transparent accounting export using the DATEV API and digital processes for approval and management of invoices. And our credit product offers a unique advantage in the European card and expense management area ”, explains CEO and co-founder Ante Spittler.
Moss presses the growth pedal
FinTech was initially launched in mid-2020 as the first true corporate credit card for start-ups and digital businesses in Germany. With Moss, customers now have access not only to high credit limits in conjunction with employee virtual and physical credit cards, but also versatile expense management software. Since its inception, more than 8,500 credit cards (physical and virtual) have been issued and more than 100,000 transactions have been processed. The user-friendliness of the product and its innovative approach to meet the specific needs of the company convinced the market. Customers point to the significant efficiencies Moss brings to their organizations, as well as the company’s rapid speed of innovation. It is therefore not surprising that the start-up’s customer satisfaction is exceptional. Following the great success in the German start-up space, Moss also entered the SME market, where the product is already very popular.
Andrew McCormack, Founding Partner of Valar Ventures, said of the investment: “We are delighted to continue to support the passionate founding team of Moss in achieving their goals. With their extensive technical and financial expertise and business experience, they are uniquely placed to bring a new understanding of expense management to businesses. Moss has been on a strong growth trajectory in recent months. With a 15% market share among German start-ups, they are already among the market leaders in their segment. We are therefore delighted about future developments. “
Focus: internationalization, product innovation and team growth
With this investment, the start-up now wants to exploit the European market with its credit card product and its financial management platform for overall expense management. Moss will be available in a second market before the end of this year, with more countries to follow in 2022. In addition to internationalization, the team around founders Ante Spittler, Anton Rummel, Ferdinand Meyer and Stephan Haslebacher plan to ‘other product innovations such as an overview of the company’s liquidity, as well as more comprehensive financing solutions. In doing so, Moss wants to take an important step towards a holistic platform for managing all of the company’s finances. With important partnerships such as DATEV and Raisin Bank already in place, more are planned in the coming months. In addition, Moss plans to more than double the size of its current team of over 100 in the coming year to meet its ambitious goals and provide even better service to its customers.