Berlin-based credit card fintech company Moss, announced that it has raised $29M (approx €24.79M) in its Series A extension round of funding. With this round, Moss has now raised a total capital of over $64M (approx €54.72M) at a valuation of $264M (approx €225.73M). The company’s initial product was launched less than a year ago.
In January 2021, Moss had raised €21M in its Series A round at a valuation of €100M. The round was led by early Facebook investor Peter Thiel’s US-based firm Valar Ventures.
Investors in extension round
The current round saw funding from Peter Thiel’s VC Valar Ventures, along with participation from Cherry Ventures and Global Founders Capital from Berlin. Other existing investors also participated in the round.
Speaking about the investment, Andrew McCormack, founding partner of Valar Ventures, says, “We are delighted to continue to support the passionate founding team of Moss in achieving their goals. The company has been on a strong growth trajectory in recent months. With a market share of 15 percent among German startups, they are already among the market leaders in their segment. We are therefore excited about future developments.”
A complete solution for spending
Moss was launched in mid-2020 by Ante Spittler, Anton Rummel, Ferdinand Meyer, and Stephan Haslebacher. It is a technology-based payment and credit card platform that enables companies to optimise their finances.
Startups, tech companies, and SMEs can issue employee and team credit cards and manage all company spending using the Moss software platform that is powered by a proprietary card issuing and risk engine.
Moss CEO & co-founder Ante Spittler, explains, “We want to help companies transform finance processes in their organisations to get the most out of their potential. Since the last financing, not only has our number of customers quadrupled, but we have also been able to introduce product innovations such as an accounting export utilising the DATEV API and digital processes for approving and managing invoices. And our credit product offers a unique benefit in the European card and spend management space.”
Finance teams maintain complete control by having full visibility into transactions made, pre-approving purchases and adjusting all cards and limits in real-time. Additionally, all expenses can be documented with receipts and assigned to cost centers. At the end of the month, all data can be transferred to any accounting software via user-defined exports.
With Moss, users can identify trends in spending behavior, track changes from month to month, and identify unnecessary expenses and thus save time and money. Since its inception, more than 8,500 credit cards (both physical and virtual) have been issued and over 100,000 transactions have been processed.
Funds for product innovation and team growth
The raised capital will help Moss to expand its business further in the European market with its credit card and financial management products. Moss will be available in a second market before the end of this year, with additional countries to follow in 2022.
In terms of innovation, the team is planning further product developments such as an overview of company liquidity, as well as more comprehensive financing solutions.
Moss also plans to more than double the size of its current team of over 100 in the coming year to achieve its ambitious goals and provide customers with better service.
How can one access Moss virtual cards?
To become a customer, a business must be incorporated in Germany and should have at least raised €100K in funding from professional investors. The cards are issued by Transact Payments Malta Limited in cooperation with a German partnerbank.
Moss Virtual credit cards are digital credit cards linked to the users Moss account. Users can start using virtual cards as soon as the company approves it. One can create as many virtual cards as needed with the ability to change limits, freeze, and terminate cards – all in real-time.
The company lets users create specific virtual cards for individual merchants, purchases or subscriptions. This helps simplify the accounting process, and is also secure as per the company. Individual card limits can be set for each merchant or purchase, and blocking one virtual card does not impact the others.