Berlin-based startup Moss has announced earlier this week that it has closed a new $86 million Series B funding round (€75 million). The company offers corporate credit cards for small and medium companies so that they can more easily spend and track their spending.
Following today’s funding round, Moss has reached a valuation of $573 million (€500 million). Tiger Global Management is leading the Series B with A-Star also participating. Overall, the company has raised nearly $150 million in total (€130 million).
Moss could be considered as a spend management platform. It competes with other European players, such as Spendesk, Pleo and Soldo. What sets Moss apart from its competitors is that it offers credit cards, not debit cards. But transactions still show up in your Moss dashboard seconds after each payment.
In addition to physical cards, employees can also generate virtual cards for online payments. Every time they make a purchase, Moss customers get 0.4% in cashback on all expenses.
This way, small companies don’t have to share one corporate card for all expenses. Team leaders can set budgets for each employee and track expenses more easily.
For employees themselves, corporate cards aren’t that common in Europe. By switching to Moss they don’t have to pay out of pocket for employee expenses. They can use a Moss card and attach the receipt to the transaction. And if a restaurant doesn’t accept card payments, Moss also handles cash expenses and reimbursements.
In addition to card payments, you can rely on Moss for other types of payments by centralizing all your invoices in your Moss account. Moss users can set up approval rules and export payments lists for the business bank account.
Finally, Moss can speed up accounting tasks as it integrates with Datev, a popular accounting software on the German market. Going forward, the startup is going to make its product more modular. You won’t have to use the entire spend management stack if you don’t need everything.
Overall, Moss has processed 250,000 transactions and issued 20,000 cards. The product is live in Germany and the Netherlands. The company now plans to expand to the U.K.