The Silicon Review ^Asia

Singapore's Spenmo Series A round goes oversubscribed by a multiple of 5

Spenmo has announced that it has secured $34 million in its Series A round. The funding round was led by Insight Partners and went oversubscribed by a multiple of 5.

The Spenmo funding round is one of the largest Series A rounds closed for a Y Combinator-backed company in Southeast Asia. The round saw the participation of Lee Fixel’s Addition, Salesforce Ventures, Alpha JWC, Global Founders’ Capital, Broadhaven, Operator Partners and Commerce Ventures. Several prominent angel investors including William Hockey (Founder of Plaid), Andy Cohen (Ex-SVP of Sales, Bill.com), Ongki Kurniawan (Head of Stripe Indonesia), Kunal Bahl & Rohit Bansal (Founders of Snapdeal), Matt Doka (Founder of Fivestars) and John Kim (Founder of Sendbird) also participated.

Rebecca Liu-Doyle, principal at Insight Partners, is joining the Spenmo board of directors. "Insight is thrilled to partner with Spenmo as the company builds its category-leading finance workflow software," said Liu-Doyle. "The payments industry is ripe for disruption, especially in the untapped Southeast Asian market. We’re excited to play a role in Spenmo’s ScaleUp journey as the company continues to innovate and expand."

The Singapore-based company will use the fresh funding to "build market share" and reach more SMBs and mid-market companies in Southeast Asia who do not use software to manage their payments.