Berlin-based Circula is the latest company to benefit from VC interest in the corporate expense manaqement market, picking up a €12 million in Series A funding with backing from Germany's Alstin Capital, Peak from the Netherlands and US-based Storm Ventures.
The five-year old company offers mid-sized and larger corporates an employee finance app that combines digitalexpense management, employee benefits and a smart corporate credit card in one product.
Over the past year, Circula has tripled its revenue and expanded its customer base to 1,000 companies, processing nearly half a million expenses in 2021.
The new funding follows a recent run of mega-rounds for other startups in the spend management space, including a €75 million Series B for fellow German-based app Moss, and a €100 million round by French fintech Spendesk.
With the capital from the financing round, Circula intends to grow its team from 50 to 120 employees, further develop its product, and enter new European markets, the first one being the Netherlands, this year.