Investments in FinTech solutions: Moss, Circula & Pennylane

FinTech Magazines takes a look at the latest funding rounds made in FinTech solutions to advance spend management from Moss, Circula & Pennylane

Experiencing an annual increase of 183%, the total capital invested in the fintech industry grew globally reached US$102bn in 2021. 

With no signs of slowing down, Procurement Magazine takes a look at the latest spend management startups raising significant funds in their Series A and B rounds to further their innovations. 

Moss: The all-in-one spend management platform 

Founded in 2019 by Ante Spittler (CEO), Moss is driven by its mission to digitise the expense management of small and medium-sized businesses (SMBs) to help unlock their clients full business potential.

“Companies should have easier access to powerful and smart corporate credit cards, giving them more time to push their core business forward” - Moss 

Constantly developing its products and services, Moss offers both an all-in-one integrated solution as well as a customisable modular solution based on specific needs. 


  • Flexible issuing of virtual and physical credit cards
  • Digital invoice management 
  • Easy accounting 
  • Reliable liquidity management 
  • Accounting automation and integrations
  • Accounting software
  • ERP

Moss raises US$83.6mn in Series B funding round

Halfway to achieving unicorn status, the spend management startup has raised US$83.6mn in its latest Series B funding round. High profile investors included Valar Ventures and Tiger Global.

With this money, the startup wants to conquer the UK with its credit card and platform for holistic spend management, following its successful launch in the Netherlands. In addition to its expansion plans, the company has exciting product innovations in mind for spend controlling, liquidity planning, and accounting automation.

"There is a strong demand in the market to further digitise and automate financial processes and payments. With our solution, we want to help companies realise their full potential. This vision drives us and motivates us to constantly take Moss a step further,” commented Spittler.

Circula: The intelligent app for employee expenses

Founded in 2017 by Nikolai Skatchkov (CEO), Circula harnesses technology to allow organisations to get more value out of their time. 

Merging expense management, payments, and employee benefits, Circula has created a truly employee-centric SaaS product to make employee finances easy.

Circula is backed by multiple leading investors including Alstin Capital, Capnamic Ventures, Storm Ventures, Peak, HW Capital, Wenvest Capital and Main Incubator.


  • Expense report 
  • Automation
  • Smart policies
  • Paperless processes
  • Automated compliance 
  • Customisation

Circula raises US$13.3mn in Series A funding round

Backed by Alstin Capital, Peak, Storm Ventures, Circula has raised US$13.3mn in its latest Series A funding round. 

Using the capital raised, Circula plans to grow its employees by more than 50%, as well as further develop its products, and enter into new markets, in particular the Netherlands. 

Pennylane: Building the financial operating system for European SMEs

Pennylane was founded in 2020 by Arthur Waller (CEO) Quentin de Metz (CTO), Tancrede Besnard (CPO), Edouard Mascré (Head of Sales), Alexandre Roquoplo (Head of Partner Success), Thierry Deo (Lead Developer) and Felix Blossier (COO).

Driven by its mission to build the financial operating system (OS) for European SMEs, Pennylane offers a single source of truth for financial data. 


  • Invoicing
  • Payroll
  • Paying suppliers
  • Expense management
  • Piloting cash 
  • Profitability
  • Bookkeeping
  • Financial services

Launching in France, Pennylane is a product-led organisation that is growing fast. The company plans to expand into other markets in Europe in 2022.

Pennylane raises US$57mn in Series B funding round

In its latest funding round (Series B) spend management provider, Pennylane, has raised US$57mn in a funding round led by Sequoia Capital, Global Founders Capital, and Partech. 

The company plans to use the funds to accelerate the expansion of its OS for European SMEs and accounting firms, entering Spain and Germany in 2023. 

“This new funding round comes at a pivotal point in our growth. We have all the elements to significantly scale up and continue to develop the best accounting tool on the market,” said Waller. 


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