EU CFOs are switching from paper to digital spending tools

With a growing number of startups looking for steady funding, there must be good reason for investor confidence to keep pumping capital into companies, especially after the initial enthusiasm of seed and start-up. series A faded.

For Ante Spitterco-founder and CEO of the Berlin-based FinTech Moussewhich recently closed a €75 million ($86 million) Series B funding round, it was about being able to deliver — “even above delivery” — on key milestones the company had defined in previous funding rounds, including growth of more than 150% in the last quarter alone.

Read more: Berlin FinTech Moss closes in on unicorn status with $573m valuation after Series B funding round

The enterprise expense management platform also extended the platform’s operating system, which initially started as a credit card for small and medium-sized enterprises (SMEs), into an integrated platform. Accounts Payable which offers customers a complete solution for managing their expenses, including incoming invoices. and cash transactions.

The company also recently spear in the Netherlands — its first market outside of Germany. Spittler said the October 2021 rollout was more successful than the company expected, with 3x growth rates recorded in the first few months.

“With that [launch]we have proven that it is not a German product [that] only works for German customers,” Spittler told PYMNTS in an interview. “We are a European company and we can adapt our product to European needs. [This] also shows that the addressable market [goes] far beyond Germany.

All of these factors, he said, are why heavyweight investors like US venture capital firm Tiger Global Management have backed the fintech company, helping to boost its total funding to more than $130 million. euros since its inception in mid-2020 and to increase its current valuation to over 500 million euros ($562.5 million) after the Series B round.

Since its launch, the company has processed more than 250,000 transactions and issued more than 20,000 physical and virtual credit cards, figures that are expected to increase following the company’s upcoming entry into the United Kingdom, another market. which has “the right macroeconomic factors for our economic model”. “Spittler said.

Solve the end-to-end spend journey

The company’s credit card and global expense management platform competes with other European expense management platforms such as Spendesk in France, Soldo in London and Pleo in Denmark. But according to Spittler, several things give Moss a competitive edge over those players.

At the top of the list is Moss’ approach to expense management, which helps companies not only solve the travel expense problem, but also solve the end-to-end expense journey by digitizing the software by as a service. Toolbox (SaaS).

“Last, but not least, we are supercharging payment instruments and SaaS tools with credit – as a flexible funding source – and [this helps to] create an environment for product development, functionality as well as client-side use cases,” Spittler explained, adding that the unique offering makes Moss “pretty much the only one targeting the market from this angle.”

Customers can also choose the source of funding by withdrawing from a credit card limit or general company credit limit, benefiting from attractive cashback offers and high credit lines with payment terms up to 60 days.

Spittler said the company plans to expand its product offering with innovations in expense control, cash planning and accounting automation that will save financial administrators and accountants even more time on categorization. transactions using predictive analytics, for example.

The overarching goal is to help customers have better oversight and make better decisions about their spending, such as giving customers an estimate of where they are in their spending if they transact for a specific budget on Moss cards.

It might seem simple for a cost item, he said, but monitoring those expenses for the entire company is a whole different ball game.

“What amounts to helping the CFO [chief financial officer]the financial director or financial administrator become smarter in the way they work, [and] have better tools on hand,” he explained.

An all-in-one package is the way to go

When it comes to the field of enterprise expense management, Spittler said he doesn’t believe single-point solutions are sustainable and ultimately create a seamless integrated journey for a certain set of activities is what businesses need.

“What won’t work is having five different tools for five different expense items, one for cards, bills, disbursements and direct debits, for example, all with non-integrated tools,” said he declared.

That’s why he thinks bundling them up and offering smart all-in-one packages for certain activities will be one of the most important trends in the future.

Overall, Spittler said their goal is to positively disrupt the way SMBs operate, while acknowledging they don’t have all the answers.

“We are not magicians, Moss does not solve all their problems. It’s a toolkit, a catalyst with which they can simply become better versions of themselves. And I think every minute that we can win, every better decision that we can help customers come out with some kind of game in that area,” he said.



On: Seventy percent of BNPL users say they would prefer to use the installment plans offered by their banks – if only they were made available. PYMNTS’ Banking On Buy Now, Pay Later: Installment Payments and the Untapped Opportunity of FIssurveyed over 2,200 US consumers to better understand how consumers view banks as BNPL providers in a sea of ​​BNPL pure-players.

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