Spenmo provides a unified payables and corporate spend management platform that consolidates vendor payments, payroll and transactional workflows. The product integrates with popular accounting software rather than replacing it, and it combines digital wallets and bank accounts to secure competitive exchange rates. The platform serves many clients with cross-border needs — over 80% of customers conduct cross-border transactions — and saves users substantial time and money, reportedly over 50 hours and $10,000 per client each month. Spenmo is focused on scaling across Southeast Asia and is actively organizing payment systems in Vietnam and Indonesia. The company positions itself as a finance workflow and payables software startup rather than a neobank. CEO Mohandass Kalaichelvan emphasizes building a streamlined payables experience for finance teams. Spenmo began as an expense management platform but refocused on building a unified payables experience to remove silos across vendor payments, payroll and bank-account reconciliation. Its product set includes corporate cards, integrations with bank accounts and FX wallets, and connections to accounting software such as Xero and QuickBooks. The company targets SMBs that operate across borders, with about 80% of customers performing cross-border payments and typical clients processing roughly 500 to 9,000 payables per month. Spenmo does not aim to become a neobank; instead it helps businesses manage the bank accounts they already have and find better FX rates. The startup is focused on Singapore plus Vietnam and Indonesia, where cross-border payroll and supplier payments create complex payable workflows. Spenmo is a Y Combinator alum and launched last year.

Total raised

$119M

Funding rounds

2

Latest round

Series B

Latest activity

Feb 2022