With less than 2.5 years since its founding and a value of over €500 million, fintech company Moss has recently concluded its €75 million Series B investment round. It is now well on its way to becoming a unicorn.
The firm secured €24.79M in a Series A extension round from investors led by Peter Thiel’s VC Valar Ventures barely six months before the announcement. With the most recent fundraising, the business, which has a corporate estimate of over €500M and total capital of €130M, is on its approach to becoming a unicorn in less than 2 and a half years after it was formally created.
Only six months had passed since the business received €25 million from Peter Thiel’s VC firm Valar Ventures, with contributions from Global Founders CapitalandCherry Ventures. Tiger Global Management led this fresh fundraising round, which also included A-Star.
Midway through 2020, Moss which is based at Berlindebuted as the country’s first legitimate corporate credit card for start-ups and digital businesses. In addition to being one of the fintech businesses to look out for in 2021 since that time, Moss has now successfully penetrated the SME sector and increased the scope of its product line.
One may classify Moss as a spend management platform. It faces up against other European competitors, including Spendesk, Pleo, and Soldo. Moss provides credit cards rather than debit cards and distinguishes it from its rivals. However, transactions continue appearing in your Moss dashboard shortly after each payment.
Employees can create virtual cards in addition to real cards for online payments. Customers of Moss receive 0.4% cash back on every transaction they make. Small businesses can avoid using a single corporate card for all spending in this way. Team leaders may more easily manage spending and create individual budgets for each employee.
Corporate cards aren’t very prevalent in Europe for the employees themselves. They may avoid paying out of their pocket for staff expenditures by switching to Moss. They can pay with a Moss card and include the receipt with the purchase. Additionally, Moss manages cash charges and refunds if a restaurant does not take credit cards.
By consolidating all of your invoices in your Moss account, you may rely on Moss for payments other than card payments. Users of Moss can configure rules for approval and export payment lists for the company bank account.
Finally, Moss can expedite accounting operations due to its integration with Datev, a well-known accounting program on the German market. The firm will continue to expand the modularity of its product. You won’t have to employ the complete expenditure management stack if you don’t require everything.
In all, Moss has produced 20,000 cards and handled 2,50,000 transactions. Germany and the Netherlands have the product in operation. The business currently has UK expansion in mind.
The fledgling business wants to spread its comprehensive expenditure management platform throughout Europe. The UK is the next target after a successful debut in the Netherlands. With early adopters like Ticketswap, Naduvi, and O my bag, the Netherlands team could expand to 25 members in just 3 months. With this background, it is anticipated that Moss might launch in the United Kingdom in the following months before expanding to other regions later in the year.