Introduction
Berlin-based fintech Soonicorn Moss announced today that it has secured €75 million in funding for its holistic spend management platform.
Moss is a black and white cloud-based platform that enables businesses to track, optimize, and gain insights into their financial operations. This funding will give Moss the resources it needs to expand its platform globally and develop innovative solutions for businesses of all sizes.
Overview of Moss
Moss is a Berlin-based fintech soonicorn specializing in digital solutions for companies to help them better manage their spending, save time and money, and optimize their accounting processes. Moss’ suite of products offers an easy-to-use platform where companies can get a comprehensive overview of their financial data and quickly reconcile expenses, identify savings opportunities, generate invoices and more. In addition, with a fully digitized process, Moss enables businesses to streamline their finance teams’ workflows, drive cost savings and ultimately free up resources for strategic decision-making.
The company recently closed €75 million in its series C funding round which Lakestar led with participation from Target Global, HPE Growth Capital and VC Garden Ventures. This brings the total amount raised by Moss to €107M since its inception in 2019.
Moss has achieved impressive results with various solutions geared towards helping businesses efficiently manage their finances through automation – Invoice Management, AutoPay reconciliation & AR processing, Expense Management & bookkeeping services. It also has a unique API which seamlessly integrates data from over 400 applications ranging from global accounting packages such as Xero or Sage and local applications FinancialForce or Exact Online into one platform.
Overview of the funding round
Berlin-based fintech soonicorn Moss has completed its series B funding round, raising €75 million from investor stakeholders. The funds will be used to support the growth of their holistic spend management platform, providing an all-in-one solution for businesses to monitor and analyze spending without manual effort.
The investment amount was led by venture capital firm Dragoneer, in partnership with Coatue and existing investors including Accel, Ribbit Capital, and Northzone. As a part of this funding round, the company plans to double its employees within 18 months.
The Moss platform integrates with different accounts and helps financial teams track their finances more efficiently. It features several features enabling users to make well-informed decisions such as budgeting tools, spending forecasts and automated alerts on unusual transactions. The platform also offers spend analysis tools that automatically categorize spending according to customizable user preferences as per their business needs.
This new round will enable the company to further expand its platform by offering additional services such as cash flow forecasting and customizable dashboards allowing a more comprehensive analysis of information thereby creating even more value for their customers regarding data insights and automation.
Moss’s Product
Moss is a Berlin-based fintech soonicorn shaking up the European business management market with its innovative and holistic spend management platform.
In the latest round of funding, Moss has managed to raise €75 million from investors, demonstrating their confidence in the product.
Now, let’s take a look at what Moss has to offer.
Features of the spend management platform
One of the leading players in the European fintech market, Moss is a Berlin-based company that provides an innovative spend management platform for businesses. This platform combines expense tracking, credit cards, analytics and account management. It provides customers with a holistic solution that seeks to reduce costs, increase operational efficiency and save time in managing expenses.
Moss’s Spend Management Platform offers various features to help businesses streamline their managing systems:
- Expense Tracking: Moss’s powerful analytics and automatic categorization of expense records provide users with a clearer overview of spending trends.
- Credit Cards: Moss has partnered with Visa and Mastercard to offer businesses their own set of cards that can be linked directly to the platform. The cards come with no annual fees and a comprehensive rewards program.
- Analytics: Using Artificial Intelligence (AI) and Machine Learning (ML), the platform can generate detailed reports on spending patterns, allowing users to optimize costly company purchases while monitoring budgeting goals.
- Account Management: The system provides businesses with seamless and secure access control, allowing them to easily add or remove team members from the platform. Additionally, customers can integrate their existing corporate accounts into the system for better collaboration between departments.
Benefits of the platform
Moss has developed a comprehensive spend management platform to make it easy for companies to manage their financial resources. The platform ensures enhanced visibility, more control over data, and greater security. It provides businesses with advantages such as:
• Improved accuracy in budgeting and forecasting: Moss makes it easier to track spending and make decisions based on trends or past performance using automated reports. This helps organizations stay within the limits of their desired costs, from salaries to infrastructure expenses.
• Comprehensive finance reporting: The platform helps users have easy access to all financial documentation related to their expenditures and other business needs. Companies can view vital performance indicators such as industry benchmarking quickly and accurately via clean dashboards and intuitive visuals.
• Automation of legal documents and approvals: Moss simplifies complex processes with automated generation of audit trails and required legal documents while facilitating secure document signing in compliance with international laws. This saves a lot of time on paperwork while reducing human error potential.
• Compliance with IFRS accounting principles: By automating its finance accounting processes, Moss makes it easier for its users to comply with International Financial Reporting Standards (IFRS) methodologies more effectively. This increases the user’s accuracy and reduces the time spent managing taxes or processing payments from suppliers or customers.
Berlin-based fintech soonicorn Moss scores €75 million for its holistic spend management platform
Berlin-based fintech startup soonicorn Moss has announced the successful completion of a €75 million Series C funding round, which venture capital firm Insight Partners led. This marks the largest Series C funding round ever in the German fintech space, and also includes participation from existing investors such as Target Global, HV Capital and Speedinvest.
Let’s explore who the participating investors are and what they bring to the table.
Who invested in the round
This latest funding round, led by Temasek, saw active participation from Notion Capital, Target Global, Speedinvest and existing backers Earlybird Venture Capital and Project A.
In addition to active venture capital momentum, the company welcomed investments from several strategic corporate investors including Credit Suisse Digital Ventures (VENTURE X) and payments giant Visa. The round also saw fresh interest from numerous US fintech funds such as RTP and Ground Up Ventures.
The €75m funding round has brought Moss’ valuation to unicorn status amongst fintechs in Europe — Series A to Series C in one year — a testament to the potential investors have seen in Moss’ vision of reinventing universal business spend management powered by automation and business intelligence. The start-up uses AI and machine learning-driven spend insights to actively automate company expenses for businesses of all sizes — consolidating spending data into actionable insights.
What the investors had to say
The investors in Moss’s financing round expressed enthusiasm for Moss’s holistic spend management platform. Daphne Dong, Partner at Insight Partners said “As a recognised leader in the spend management space, we are confident that Moss will continue to take market share and deliver meaningful value to customers across Europe.”
Lars Fjeldsoe-Nielsen from Balderton Capital expressed his excitement: “We believe that Moss is incredibly well-positioned to enable European SMEs to manage their finances with an intuitive and comprehensive platform. Its product category opportunity is tremendous, and its strong team gives it the strength necessary to capitalise on this opportunity”
Moss has now raised €90 million since it was founded in 2018, thanks to the support of multiple investors, including individual angels such as Matthias Eibinger. With the new funds of €75 million raised, Moss is now a soonicorn (a company yet to IPO but is valued at over 1 billion). The fresh funds will help expand into new markets and maintain momentum in its product development efforts.
Impact of the Funding
The €75 million funding round secured by soonicorn Moss indicates a big vote of confidence in the company’s holistic spend management platform.
With this investment, Moss has the potential to accelerate its mission of helping businesses spend smarter and gain more control over their finances.
This new capital also has significant implications for Moss’s prospects, which will be discussed in detail in this section.
How the funding will be used
The funding round, led by leading growth equity and venture capital firms Accel and LA-based Valar Ventures, will be used to at Moss to support the company in continuing to scale its offered services and growing its capabilities into adjacent areas such as AI-enabled cash flow forecasting.
The soonicorn’s offered platform allows businesses to take charge of spend management strategies, invoicing and billing processes with automation tools, supplier visibility and cost reporting. The start-up is conquering an industry worth $100 billion. This includes services from over 500 customers from 50+ countries around the world.
This new capital will expand Moss’s product capabilities for their customers group of small companies, midmarket business units and financial professionals. To do this, Moss plans to grow its team of 150 people by hiring more engineering talent across its offices in Berlin, Madrid and Silicon Valley. It also plans on rolling out new features that leverage data insights to offer trustful solutions that not only lessen but also prevent operational disarray.
By making cost control and compliance part of a larger corporate performance optimization process, Moss will optimize operations for companies worldwide by speeding up onboarding processes from months down to weeks or days; providing access to on-demand payments; ensuring transparency through visual tax compliance software; getting a real-time picture of actual expenses versus budgeted amounts; reducing overspending through budget allocation limits with acceptable discounts for negotiated agreements; enabling end-to-end approval flow across an organization’s hierarchy; streamlining invoice processing by offering intuitive automated solutions for document capture & workflow routing with OCR technology; simply aim at reducing costs & improve risk management with confidence on top accuracy solutions.
Impact on the fintech industry
The €75 million funding by venture capital firm Naya Capital Management marks a milestone for Moss, a Berlin-based fintech startup that enables companies to manage their finances holistically. The Series A funding round was led by Naya Capital Management and saw the participation of several international venture capital firms and early stage investors such as LocalGlobe and e.ventures.
This latest infusion of capital promises to positively impact Moss’ growth as it looks to further its presence in the enterprise market, expand its offering and gain key partners in the business-to-business financial technology space. With this fresh funding, Moss has become one of 11 “soonicorns” (startups founded after 2014 that have achieved unicorn status in less than four years) hailing from Germany alone.
The €75 million investment is strong evidence of the fintech industry’s growing potential and reflects increasing investor confidence in Europe’s onshore technology infrastructure for ground up and scale up companies. This adds to the increasingly powerful congruence between European tech startups and even global VC firms – transforming many sectors including banking into more efficient, user-friendly systems with secure back-end support.
It also points to an exciting future where cutting-edge technology – seamless data usage, cloud adoption, analytics capabilities – is at work towards empowering users while achieving scale. Moreover, it signals that investors are seeing more and more value in exporting European products globally as emphasized by Warren Lee Principal at Naya Capital Management: “This developing success story confirms once again that exporting European products can be accomplished if you bring together sharp people, innovation culture and access to talent.”
Conclusion
This raises the curtain on the potential and promise of Soonicorns, as this is a testament to the growth potential of a fintech platform if it has the right mix of innovation, technology, and great team. Soonicorns have the potential to become unicorns, and the success story of Moss is a testament to this fact.
Let’s look after this funding round for Moss.
Summary of the article
Berlin-based fintech soonicorn Moss has just scored €75 million in a Series C funding round led by EQT Ventures, and with participation from Singular VC, ABN Amro Ventures, Northzone, Earlybird Venture Capital and HV Holtzbrinck Ventures. Launched in 2018 by three founders, the prominent Moss team is one of the few ambitious fintechs that targets mid-to-large companies in Europe and beyond.
Moss provides a complete solution for businesses to effectively track their spending and optimize their financial processes, giving business owners more control over their financial situation. The platform features insights into where money is flowing in real time across both manual and digital business categories such as travel & entertainment (e.g., T&E), payroll & HR (human resources) expenses, invoices/receipts management or even complex cases such as individual contractor or remote employee payments or buyout settlements for major acquisitions. These are made available on one platform, driven by AI-enabled technologies like automated categorization and match rules to enhance accuracy.
Moss also offers advanced forecasting capabilities to help businesses prepare for future scenarios. All these components help businesses make better decisions around spending with confidence — something no fintech offers at the moment.