After going through a series of troubles last year, Singapore expense management startup Spenmo launched a smart expense management solution for small to mid-sized companies on Wednesday called Summit.
In May last year, DealStreetAsia first reported, citing several sources, that the firm faced major lapses in risk and governance, leading to incidents involving alleged bribery and misuse of funds.
In June, founder Mohandass Kalaichelvan stepped down as CEO and was succeeded by Justin Choi, a former private equity investor at CVC Partners, who resigned after a month in the role. In October of the same year, Spenmo shut down its services in the Philippines, touted to be one of its largest markets in the region.
The new brand, Summit, is led by CEO Jo-Ann Chung, who was formerly the chief product officer at Spenmo from January to September 2023 and served as acting CEO/CPO from August 2023, according to her LinkedIn page. Isaq Ahmed, co-founder and CTO of Spenmo, continues in the same role at Summit, while Jim Goudie, who has been serving as chief financial officer of Spenmo since July 2023, is also continuing in his role.
Summit, backed by Global Founders Capital and Insight Partners, provides a real-time centralised view of information and data. It acts as a one-stop shop where vendor invoices and staff claims can both be audited and reconciled in three steps—scan, approve, as well as pay and auto reconcile.
“With Summit, we have taken a great effort to design our platform to fit and complement a finance team’s workflow requirements and lighten their workload by removing repetitive manual tasks such as data entry, status tracking, information retrieval, and quality checking. With smart tools, finance managers can expect to save valuable time and identify opportunities to further reduce operating costs,” Jo-Ann said in a statement.
However, the official press statement doesn’t mention whether Spenmo has rebranded to Summit or the new brand is continuing the same services as Spenmo.
DealStreetAsia has reached out to Summit for comments.
Spenmo itself was founded in 2019 as an all-in-one software platform that consolidates corporate cards, multi-currency dashboards, automated bill pay, and employee expense claims in one interface.
According to DealStreetAsia’s DATA VANTAGE, the company which is registered under Digital Services SG Five Pte. Ltd, has raised about $112 million in equity funding from notable investors such as Tiger Global Management, Rocket Internet, Y Combinator, Apha JWC, and more.