French expense management firm Mooncard bags €37m Series C funding
French corporate spend management firm Mooncard has raised €37 million in a Series C funding round led by Orange Ventures and Portage.
Also taking part in the round were existing investors Aglaé Ventures, Blackfin Capital Partners, Partech Partners and RAISE Ventures.
Founded in 2016, Mooncard offers a cloud-based Software-as-a-Service (SaaS) solution that allows firms to automate their corporate spend and expense report activities. It provides Visa-powered spending cards with controls, spend management and approval tools and accounting functionalities.
The firm says companies can open an account “in five minutes” and have a card available in 24 hours. It currently claims to have more than 6,000 companies as clients.
“Thanks to this new round of financing, we will be able to build on the functionalities of our technology to meet the evolving needs of finance departments of all sizes of organisation, in the public and private sectors, in France and internationally,” says Pierre-Yves Roizot, CEO of Mooncard.
The funding will be used to develop new solutions, particularly to meet evolving accounting requirements, and will assist the firm as it aims to adapt its offering to meet the local needs of six additional European markets, namely Germany, Austria, Belgium, Spain, Italy and the Netherlands.
Mooncard previously raised €20 million as part of its Series B funding round in September 2021.