Moss, the tech platform for managing spending, is on track to reach unicorn status with a round of funding that increased its valuation to more than 500 million euros ($573 million), the Berlin-based company announced on Wednesday (Jan. 19).
The latest infusion of revenue was a Series B funding of 75 million euros ($86 million). It was led by Tiger Global, the New York-based venture capital firm that invests in internet, software, consumer and FinTech sectors, and A* Capital, the venture capital firm based in San Francisco.
Moss said it plans to use the cash to enter the United Kingdom market, enhance its product and hire employees.
Launched in 2020, the FinTech calls itself the first corporate credit card for startups and digital companies in Germany. Since then, Moss has entered the small and medium-sized business (SMB) sector and expanded its product portfolio.
Since its founding, Moss said it has issued more than 20,000 credit cards and processed more than 250,000 transactions. In addition, since its previous financing round last summer, the company said its team has doubled and the number of customers quadrupled.
Using Moss’ platform, companies can issue virtual and physical credit cards, digitally enter and approve invoices, process and reimburse employee out-of-pocket expenses and manage their liquidity.
In an interview with PYMNTS last summer, Matt Gard, vice president of accounting and compliance at Formstack, a self-described workplace productivity platform, said automation reduces the risk of human error that goes along with managing these processes manually or with a series of tools that must be reconciled.
Formstack’s network includes automated expense reimbursement that allows employees to submit expense requests through their phones, tablets or computers. Requests are then approved or denied in real time.
Learn more: The Corporate Spend Playbook, a PYMNTS and Airbase collaboration.
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