Singapore-based payables software startup Spenmo announced that it has received an Operator of Payment System (OPS) licence from the central bank of the Philippines, the Bangkok Sentral ng Pilipinas (BSP).
The licence enables Spenmo to offer its payments services to businesses in the Philippines, helping them manage spending by tracking company cards, automate invoice payments, and digital ledgers.
“As Spenmo starts its operations in the Philippines, we are looking forward to launching this software to Filipino businesses and be able to aid them in managing and administering their payment networks,” said George Padin, country head of Spenmo Philippines.
The company expects hundreds of businesses to join Spenmo this year on the back of the BSP’s push for tech-powered financial solutions.
Over the course of the pandemic, use of digital payments has significantly increased among Filipinos. According to a recent report by the BSP on the State of Digital Payments in the Philippines, there has been noticeable growth in the volume of digital payments in the country primarily for business transactions.
“Our goal is to empower these growing businesses through a more convenient payment solution network. By giving them better control over their expenses, we are able to help them manage costs more efficiently and develop their businesses even further,” added Padin.
Spenmo was founded in 2019 by Mohandass Kalaichelvan, a former Grab executive responsible for strategy across the ride-hailing giant’s transport, payments, and financial services verticals. The platform is active in Indonesia and Singapore.
In January, Spenmo raised $85.35 million in a Series B round led by New York-based investment giant Tiger Global Management. The round was a mix of primary and secondary transactions.
Its $34-million Series A round was backed by Addition, Salesforce Ventures, Alpha JWC, Global Founders Capital, Broadhaven, Operator Partners, and Commerce Ventures.
It had previously raised seed capital from Y Combinator, Flash Ventures, Rocket Internet, Iterative Capital, and the XA Network.