Singapore’s Spenmo gains Philippine payments license

Update (April 28, 5:15 pm): This article was updated to include a clarification from Spenmo.

Spenmo Financial Technology Corporation, a Singapore-based payments software startup, has been licensed to operate in the Philippines.

Spenmo’s leadership team / Photo credit: Spenmo

Through a license from the Philippine central bank, Spenmo is now a certified operator of payment systems in the country. This allows the company to offer its bill payments and employee spending management software locally. Additionally, Spenmo offers virtual and physical corporate cards for its customers.

With its new license, Spenmo said it plans to tap into the increasing volume of digital business transactions in the Philippines.

“We are optimistic to see a fast-growing market in the country and expect hundreds more businesses to join this year which is very exciting,” said George Padin, country head for Spenmo Philippines.

So far, Spenmo has processed more than 20 billion pesos (US$383 million) in business transactions across Southeast Asia. It entered the Philippine market in late 2021.

The fintech company raised US$34 million in a series A funding round led by Insight Partners in September 2021.

Currency converted from Philippine Peso to US dollar: US$1 = 52.28 pesos.

See also: Could the Philippines become SEA’s next startup hub?