Berlin-based startup Moss announced earlier this week that it has closed a new $86 million (€75 million) Series B funding round. The company offers business credit cards for small and medium businesses so they can more easily spend and track their expenses.
Following today’s funding round, Moss reached a valuation of $573 million (€500 million). Tiger Global Management leads Series B with A-Star also participating. In total, the company has raised nearly $150 million in total (€130 million).
Moss could be considered an expense 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 receive 0.4% cash back on all spend.
This way, small businesses don’t have to share a single corporate card for all expenses. Team leaders can set budgets for each employee and more easily track expenses.
For the employees themselves, company cards are not so common in Europe. By switching to Moss, they don’t have to pay for employee expenses out of pocket. 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 refunds.
In addition to card payments, you can rely on Moss for other types of payments by centralizing all your bills in your Moss account. Moss users can configure approval rules and export payment lists for the company’s bank account.
Finally, Moss can speed up accounting tasks as it integrates with Datev, a popular accounting software in the German market. In the future, the startup will make its product more modular. You won’t have to use the whole expense management stack if you don’t need it all.
In total, Moss processed 250,000 transactions and issued 20,000 cards. The product is live in Germany and the Netherlands. The company now plans to expand into the UK