Stripe exec joins $34m round of Y Combinator-backed fintech firm

Singapore-based fintech firm Spenmo has raised US$34 million in its latest funding round, which it says is the largest series A raise closed by a Y Combinator-backed company in Southeast Asia.

More funding details

• Lead investor: Insight Partners
• Other investors: Addition, Salesforce Ventures, Alpha JWC, Global Founders Capital, Broadhaven, Operator Partners, Commerce Ventures, and Stripe Indonesia head Ongki Kurniawan
• Stage: Series A

More company updates

• Spenmo said its latest financing was oversubscribed by 5x.
• The new funding will help the startup build market share and reach small and medium-sized businesses and mid-market companies in the region.
• The fintech firm helps companies manage their spending efficiently through local and overseas invoice payments, accounting automation, and an approval-based spending mechanism.
• After completing the Y Combinator program in 2020, Spenmo said it has grown its headcount to over 60 employees and has raised over US$36 million in capital.
• The company was also part of the winter 2021 cohort of Iterative, a Singapore-based accelerator that provides seed funding for early-stage startups.

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.