Spenmo says this is one of the largest Series A rounds ever raised by a Singaporean startup. The Singapore-based company announced today it has raised a $34 million Series A led by Insight Partners, the New York-based investment firm known for its ScaleUp program. Spenmo was created to centralize SMBs’ accounts payable workflows. Financial teams also need to manage vendor payments, supplier payments, payroll and reconcile bank accounts, often in different countries, resulting in an overwhelming amount of work. Spenmo originated as an expense management platform before realizing that expenses “are just a tiny sliver” of a company’s payables, founder and CEO Mohandass Kalaichelvan told TechCrunch.
