Germany-based Circula raises €12M, announces expansion to the Netherlands

Germany-based Circula, a SaaS company, has announced its expansion to the Netherlands after raising €12M in Series A funding. Peak Capital, Capnamic Ventures, Main Inkubator, Wenvest, and HW Capital participated in the funding round.

The Netherlands is the next country in Circula’s global expansion plans after establishing service in Spain last year. By entering the global market, the company aims to create more autonomy for employees and more control for companies in various countries, including Spain and the Netherlands.

Circula initially offered a fully digital expense and travel expense solution for Spanish companies in collaboration with the global travel management platform TravelPerk. The company later expanded its portfolio to include company credit cards and employee benefits. Circula also established a local go-to-market team in the country to better serve the Spanish market.

“After building a successful company in Germany, it is high time to start working on our mission in the Netherlands: empower companies and their employees to spend less time on administration, and more on building business success,” says Tim Haver Droeze, Expansion Lead Netherlands of Circula.

Circula has grown rapidly since its founding in 2017. It is now the German market leader in business expenses with over 1,500 customers, including Mollie and ABOUT YOU. The company has achieved a turnover growth of 270 per cent per year.

It has won multiple awards and recognitions, such as Winner KPMG Deutschland Smart Start Award 2018, Winner Visa Europe Everywhere Initiative 2018, Winner AXA Deutschland Startup Night 2019, and PwC Scale Program 2019.

How Circula’s solution works

Circula offers a credit card management solution that allows companies to fully manage their credit cards in-house, no longer dependent on banks. Companies can create and issue physical and virtual VISA credit cards, manage limits, and monitor and safeguard budgets in real-time. 

There is also an adjustable limit of up to €750,000 per transaction, per card, without additional fees apart from the standard VISA rate.

“The current processes for business expenses and declarations are unnecessarily complicated. When employees are given the confidence by their employer to carry out transactions themselves, supported by the right tools, they are enabled to make the most out of their jobs,” says Droeze.

With Circula’s app and credit card solution, companies can give their employees the necessary autonomy. At the same time, the financial department can maintain control.

Circula’s management solution uses automation and artificial intelligence to make it easier for companies to use in daily transactions and declarations. An example is the replacement of manual data entry with “scan and recognise” technology, which automatically reads and fills in all data from receipts. 

The software also automatically matches the correct receipt with the associated transaction. It helps to prevent fraud, identify duplicate expenses and prevent them from being submitted.

This solution also integrates with multiple accounting and HR systems such as Exact Online, Twinfield, MS Dynamics, and Personio. Combining these features can save companies up to 80 per cent of the two hours per month that they typically spend on financial administration per employee, claims Circula.