Why Did We Raise a US$34M Series A?

After the euphoria of our recent funding announcement, the Spenmo team is back to work.

We received so many congratulatory messages from our early supporters and customers and we are so thankful to have so many friends in the community.

Everyone was curious how we were planning to invest the money, so we thought it would be best to articulate what’s next.

Build a category-defining payables software business

We are not a neo-bank. We are not accounting software. We are not a payment gateway.
We do not aspire to be these things because players in those categories exist today, do a good job and customers are spoiled for choice.

What they need is great payables software that helps them initiate, approve, schedule, process and reconcile every single dollar going out of the company.

Regardless of your choice of banking partners, accounting software and payment gateways, Spenmo will be an agnostic tool to manage your payables from one dashboard.

No one is building that today in SEA and we are excited to be the first ones to take a crack at this.

Go deep, not wide

It is always tempting when money is in the bank to dig out the old roadmaps and uncross the initiatives we could not prioritize because we didn’t have the resources back then.

However, now more than ever, we have to be laser-focused on what makes us tick.

Instead of trying to build 100 things sub-optimally, expect us to focus on 10 items that really will “make-or-break” the customer experience.

Focus on product velocity & quality

Product features and changes that used to take 4 weeks to ship will take a week to ship moving forward.

With a clear vision in place, combined with a relentless customer feedback loop that keeps churning out actionable items, we will focus on shipping things out with high quality.

Raise the talent bar

Talent is a huge moat for us as we build out this business.

Talent density in SEA is not quite as dense yet as in the Valley (it will get there), but what this means is that if we are able to get the best and brightest to join us, we have an outsized chance of building a really successful company.

Expect us to add key hires across the board as we continue to grow to deliver the best customer experience.
We already have a great team in place; it is only going to get better.

Join us here: https://jobs.lever.co/spenmo

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