Fintech

European spend management platform Moss raises $86 million

Comment

Image Credits: Moss

Berlin-based startup Moss 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 cash back 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.

More TechCrunch

Agritech company Iyris helps growers across eleven countries globally increase crop yields, reduce input costs, and extend growing seasons.

Iyris makes fresh produce easier to grow in difficult climates, raises $16M

Exactly.ai says it uses generative AI to help artists retain legal ownership of their art while being able to reproduce their designs faster and at scale.

Exactly.ai secures $4M to help artists use AI to scale up their output

FintechOS competes with other companies such as Ncino, Meridian Link, Abrigo and Backbase.

Romanian startup FintechOS raises $60M to help old banks fight back against neobanks

After two years of preparation and four delays over the past several months due to technical glitches, Indian space startup Agnikul has successfully launched its first sub-orbital test vehicle, powered…

India’s Agnikul launches 3D-printed rocket in sub-orbital test after initial delays

Struggling EV startup Fisker has laid off hundreds of employees in a bid to stay alive, as it continues to search for funding, a buyout or prepare for bankruptcy. Workers…

Fisker cuts hundreds of workers in bid to keep EV startup alive

Chinese EV manufacturers face a new challenge in their pursuit of U.S. customers: a new House bill that would limit or ban the introduction of their connected vehicles. The bill,…

Chinese EV makers, and their connected vehicles, targeted by new House bill

With the release of iOS 18 later this year, Apple may again borrow ideas third-party apps. This time it’s Arc that could be among those affected.

Is Apple planning to ‘sherlock’ Arc?

TechCrunch Disrupt 2024 will be in San Francisco on October 28–30, and we’re already excited! This is the startup world’s main event, and it’s where you’ll find the knowledge, tools…

Meet Visa, Mercury, Artisan, Golub Capital and more at TC Disrupt 2024

Featured Article

The women in AI making a difference

As a part of a multi-part series, TechCrunch is highlighting women innovators — from academics to policymakers —in the field of AI.

14 hours ago
The women in AI making a difference

Cadillac may seem a bit too traditional to hang its driving cap on EVs. And yet, that hasn’t stopped the GM brand from rolling out — or at least showing…

The Cadillac Optiq EV starts at $54,000 and is designed to hook young hipsters

Ifeel is being offered as part of an employer’s or insurance provider’s healthcare coverage.

Mental health insurance platform ifeel raises a $20 million Series B

Instead of opening the user’s actual browser or a WebView, Custom Tabs let users remain in their app while browsing.

Google Chrome becomes a ‘picture-in-picture’ app

Sanil Chawla remembers the meetings he had with countless artists in college. Those creatives were looking for one thing: sustainable economic infrastructure that could help them scale rather than drown…

Slingshot raises $2.2 million to provide financial services to artists

A startup called Firefly that’s tackling the thorny and growing issue of cloud asset management with an “infrastructure as code” solution has raised $23 million in funding. That comes on…

Firefly forges on after co-founder murdered by Hamas

Mistral, the French AI startup backed by Microsoft and valued at $6 billion, has released its first generative AI model for coding, dubbed Codestral. Like other code-generating models, Codestral is…

Mistral releases Codestral, its first generative AI model for code

Pinterest announced today that it is evolving its Creator Inclusion Fund to now be called the Pinterest Inclusion Fund. Pinterest teamed up with Shopify’s Build Black and Build Native programs…

Pinterest expands its Creator Fund to allow founders

Alex Taub, a longtime founder with multiple exits under his belt, believes it’s time to disrupt the meme industry. “I have this big thesis that meme tech is going to…

This founder says meme tech is the next big thing

Lux, the startup behind popular pro photography app Halide and others, is venturing into video with its latest app launch. On Wednesday, the company announced Kino, a new video capture app…

Kino is a new iPhone app for videographers from the makers of Halide

DevOps startup Harness has shown itself to be an ambitious company, building a broad platform of services while also dabbling in M&A when it made sense to fill in functionality.…

Harness snags Split.io as it goes all in on feature flags and experiments

Microsoft’s Copilot, a generative AI-powered tool that can generate text as well as answer specific questions, is now available as an in-app chatbot on Telegram, the instant messaging app.  Currently…

Microsoft’s Copilot is now on Telegram

HBO’s new documentary, “MoviePass, MovieCrash,” tells a story that many of us know about: how MoviePass, the subscription-based movie ticketing startup, was a catastrophic failure. After a series of mishaps…

MoviePass co-founders speak their truth in HBO’s new documentary 

The watch features a variety of different 3D games, unlocking more play time the more kids move.

Fitbit’s new kid smartwatch is a little Wiimote, a little Tamagotchi

In the video, a crowd is roaring at a packed summer music festival. As a beat starts playing over the speakers, the performer finally walks onstage: It’s the Joker. Clad…

Discord has become an unlikely center for the generative AI boom

After the Wirecard scandal, Germany’s financial regulator BaFin started to look more closely at young fintech startups that wanted to grow at a rapid pace — it’s better to be…

Germany’s financial regulator ends anti-money laundering cap on N26 signups after $10M fine

Among other things, this includes the ability to trace code from source to binary packages across both platforms, single sign-on support and unified project structures.

JFrog and GitHub team up to closely integrate their source code and binary platforms

The company’s public fund disbursement and e-commerce platform makes accepting school tuition and enabling educational enrichment more accessible. 

Tech startup Odyssey goes on journey to help states implement school choice programs

A new startup called Kinnect aims to help people privately save generational memories, traditions, recipes and more. The company’s app, launched this month, lets people create invite-only spaces where they…

Kinnect’s new app aims to help families record and store generational memories

Spotify has hiked its premium subscription in France by an eye-watering €0.13, in response to a new music-streaming tax.

Spotify hikes subscription price in France by 1.2% to match new music-streaming tax

The European Union has taken the wraps off the structure of the new AI Office, the ecosystem-building and oversight body that’s being established under the bloc’s AI Act. The risk-based…

With the EU AI Act incoming this summer, the bloc lays out its plan for AI governance

Solutions by Text, a company that gives people a way to pay their bills and apply for loans via text messaging, has secured $110 million in new growth funding. Edison…

Bootstrapped for over a decade, this Dallas company just secured $110M to help people pay bills by text