Introduction
European spend management platform Moss has announced a $86 million round of funding, bringing the total amount raised by the company to $125 million.
With this investment, Moss plans to expand its platform, finances, products and services further. Moss, which has over 40,000 customers and is used in over 80 countries, is one of Europe’s leading spend management solutions.
The funding will provide Moss with additional capital to strengthen their position and expand their services.
Overview of European spend management platform Moss
Moss is a European cloud-based spend management platform for small- and medium-sized businesses. Founded in 2018, the platform uses machine learning algorithms to enable businesses to manage their finances and invoices in real-time. In addition, Moss’ integration of Artificial Intelligence (AI) technology makes it user friendly.
The idea behind Moss was to create a simple yet powerful platform that could be used by companies operating on a tight budget. The platform aims to allow businesses to avoid manual data entry, reduce paperwork and increase automation. At the same time, Moss also helps businesses have greater control over cash flow, payments, and other important business processes without compromising accuracy or integrity.
Moss harnesses the power of AI technology to automate tasks such as categorizing expenses and detect anomalies in spending patterns — allowing companies to better identify cost saving opportunities while remaining compliant with regulations. The platform also provides insights on budgets, performance metrics, customer analytics and more.
The European spend management platform recently closed an 86 million Euro (approximately $96 million) financing round led by Balderton Capital with participation from other investors such as Andreessen Horowitz and Mosaic Ventures and existing investor Index Ventures. The new capital will enable Moss to scale its services further in Europe and launch its products outside Europe, particularly targeting markets like North America.
European spend management platform Moss raises $86 million
Moss, a European spend management platform, has announced the successful completion of an $86 million funding round. Index Ventures and Insight Partners co-led the Series B funding round, with additional participation from existing investors Accel and Project A. With the newest investment, Moss’s total funds raised now stand at $112 million.
The funding figure is among the largest ever raised in Europe for a B2B software company. In addition to its notable price tag, this round also marked Moss’s first venture capital funding since its 2018 launch; before this announcement, the firm was bootstrapped since inception and held no external capital.
The new investment will enable Moss to launch additional products and solutions within Europe, expand the firm’s customer base globally, and attract top talent from across Europe. The Eindhoven-based company provides a suite of SaaS tools for companies to gain more insight into their fiscal operations; this includes expense management solutions, automated travel bookings, and invoice processing.
Background
The European spend management platform company Moss has just raised $86 million. Founded in 2018, the company focuses on helping businesses streamline their financial operations.
With this new round of funding, Moss can expand its services across Europe and reach more users. In addition, the company has announced plans for further product development and expansion into new markets.
Historical context of Moss
Moss is a modern spend management platform launched in 2019 by founders and banking veterans Elad Designin, Liron Flaton and Yariv Dennebaum. Their visionary product combines sophisticated banking tools and resources for expense handling, allowing businesses to quickly and seamlessly manage their expenses.
The innovative platform has seen steady growth since its invention and it recently secured an impressive $86 million Series B in May 2021. This injection of funds is set to enable Moss to expand its list of European customers even further and enhance their technological capabilities on the back of successful strategic partnerships with firms such as Citi Bank and Mastercard.
With this said, Moss’ story starts with the trio of founders mentioned above – Elad Designin, Liron Flaton and Yariv Dennebaum. All three founders had respective careers in the banking sector: Elad held numerous roles in Israel Discount Bank’s electronic division, while both Liron and Yariv had previous engagement with software giants Check Point Software Technologies or Cisco Systems. Collectively, the founding team had realized one common trait: managing corporate spend was a complex task throughout financial departments. As such, Moss was designed to provide best-in-class solutions for large business’ financial needs.
The company’s mission
Moss (formerly Spendesk) is a spend management platform designed to offer businesses modern solutions for managing, controlling and optimizing their company’s finances. Founded in 2016, the company works with some of Europe’s largest businesses to help them streamline their financial processes and gain greater visibility into their finances.
The platform provides a range of services and capabilities, from approving purchases on an invoice basis to automated accounts payable solutions and more intelligent budgeting practices.
Moss’ mission is to enable every business to make smart money decisions, giving them more freedom and control over their finances from clicking a button. By combining data-driven insights with smart technology, Moss believes it can help its clients make faster decisions about spending.
Financials
Moss, a European spend management platform, recently announced that it has secured $86 million in a Series B funding round. The investment was led by Index Ventures and included participation from existing investors Balderton Capital, Accel, and Seedcamp. This latest influx of capital brings Moss’ total funding amount to $109.5 million.
With this additional funding, the company plans to expand its operations in Europe and the United Kingdom.
Investors involved in the funding round
This Series C funding round was backed by world-leading investors including Compagnie Financière Yenburg, Bpifrance Digital Venture, Idinvest Partners and DN Capital. Additionally, existing investors Balderton Capital, Manta Ray Ventures and Creandum joined the investment round.
The platform supports small to mid-sized businesses looking to manage their financials more efficiently. It gives users access to a dashboard that helps benchmark performance across dimensions like usage, profitability and user metric data. Moss also allows users to plan their budgets, predict cash flow accurately, and access real-time data on tax calculations in more than 20 countries in Europe and the US.
Breakdown of the $86 million
Moss, a European spend management platform, has announced a transformational Series C funding round of $86 million to unleash the potential of Corporate Expense Management globally. According to the company, the latest round was co-lead by Cathay Innovation and Notion Capital, with participation from Signalfire and other existing investors 24 Haymarket and QED Investors.
With the fresh funding, Moss plans to invest in market expansion in Europe and North America and double down its product development initiative to further enhance its solutions for tackling finance complexities.
The funding will be used to fuel key areas such as:
- Product Development: Enhance existing capabilities for its cloud-based software platform that enables businesses to manage their expenses seamlessly.
- Expansion into New Markets: Expand infrastructure and resources into new markets including France and Germany.
- Growth Strategies: Invest in growth strategies that strengthen customer engagement initiatives such as hiring local partners across key European markets.
- Sales & Marketing: Invest in sales & marketing initiatives that drive awareness around Moss’s offerings and significantly boost revenue from strategic partnerships.
Impact
Moss has raised $86 million in a Series A funding round as the European spend management platform seeks to bring its innovative technology to a more global market.
This new investment will allow Moss to expand its reach and impact on the business world. Let’s explore the potential impact of the newly raised funds on Moss’ operations.
How the funding will be used
Moss, the European spend management platform that offers an all-in-one solution for receipts, invoices and expenses, has announced it has raised $86 million in a Series B funding round. The new capital will consolidate Moss’s product offering, expand operations across the continent and develop artificial intelligence (AI) capabilities to improve its digital platform.
The funding round was led by Europe-based venture capital firm Earlybird. Other investors included William Dreher III, Managing Director of investor Dreher Capital Management; McRock Capital; Merian Chrysalis Investment Company; Alven Capital; Brighteye Ventures; JLL Spark Global Venture Fund and Felix Capital.
The latest funding brings Moss’s total finance amount to more than $100 million since it was founded in 2017. This most recent financing also accelerates the company’s goal of becoming the leading digital Spend Management Platform for expansive European SMEs. With this latest investment from Earlybird and other funds added to its war chest, Moss aims to expand its complete suite of products that automate daily financial activities – from sending invoices to capturing receipts – enabling faster optimization and saving time for businesses operating in Europe.
The funds raised will also enable Moss to upgrade its AI engine by investing heavily into R&D for machine learning techniques and hiring new personnel with special expertise in relevant technologies needed to improve services available on the platform. In addition to further refinement of existing products and enhancement of overall performance across all channels, enhanced AI capabilities would help automate more aspects related to expense tracking such as fraud detection or complex automated analysis like budget vs spending comparisons which is essential while managing business expenditure behaviors.
Benefits of the funding for Moss
The European spend management platform Moss has raised $86 million in a series B funding round. This substantial capital injection will enable the technology company to enhance its user experience, grow their customer base, and increase their international presence.
This round of funding will allow Moss to further develop its state-of-the-art platform, creating a more comprehensive suite of services to help businesses and organizations easily plan, track and manage their finances. In addition, the extra financial resources will enable the company to accelerate product development and expand into new markets.
With this investment, Moss can now offer better access to the online tools needed for financial planning, budgeting, forecasting, analysis and reporting. The additional capital also aims to increase customer acquisition from new offices in London and across Europe.
The additional resources are an essential step for Moss’ next development phase: bringing powerful technology solutions to more businesses worldwide. The funding will greatly enhance operational capacity so innovation initiatives are rolled out faster — allowing residents everywhere to access streamlined data management systems that better meet their needs.
Conclusion
Moss, the European spend management platform, has raised $86 million, a major milestone for the company. This raise will help drive Moss’s growth and scale the platform, providing spend insights and analytics to businesses worldwide.
While this raise is a major success for Moss, what conclusions can be drawn from this story? Let’s take a closer look.
Summary of the funding round
The European spend management platform Moss has completed a major funding round, securing $86 million from global investment firms. The capital will be used to further develop their platform and expand into new markets. Index Ventures and other prominent investors such as 8VC, Circle Ventures, and Northzone led the fundraising.
This latest round brings Moss’ total funding to approximately $107 million and marks the company’s largest ever raise. With the investment secured, Moss plans to continue growing and building on their impressive customer base of more than 100 corporates. Moss will also use the funds to idealise their technology stack to offer users an array of enterprise-focused services such as real-time corporate analytics and multi-location bookkeeping capabilities.
This new round underscores Moss’ position as one of Europe’s most successful business fintechs. Its innovative AI-driven platform provides an all-in-one solution for business expense tracking, financial planning optimisation and tax compliance. In addition to this strategic expansion move into a broader spend management arena, it is likely that more acquisitions of other likeminded distributed companies could be on the cards to secure even footholds in different industries and global regions.
Outlook for Moss
Moss is well-positioned in the European market for spend management platforms, and its recent investment shows confidence in the company’s future. With their successful capital raise of $86 million, Moss will be able to further develop and improve their product offerings and expand into other markets.
The company brings a unique proposition to its users through its integrated approach to managing spend. The platform not only simplifies the purchase of goods and services but also offers analytics tools, integrated payment options, vendor management, invoice tracking, comprehensive reporting capabilities and more. This comprehensive approach has allowed Moss to become one of Europe’s leading spend management platforms.
As Moss continues to expand into new markets and explore new partnerships with financial institutions and vendors, even more customers will likely be given access to their products and services. With numerous case studies showing its proven efficacy spotlights on major media outlets like TechCrunch highlighting success stories of using Moss’ platform, this trend will likely continue.