Germany-based Circula, a Software-as-a-Service (SaaS) company, has raised 12 million euros (about $13.5 million) in a Series A funding round, according to a company blog post Monday (Jan. 31).
The fresh funding will help Circula reach its goal to become the leading employee finance app in Europe, the post stated.
EU-Startups reported the capital was made available from Alstin Capital, Peak and Storm Ventures, along with existing investors Capnamic, Main Incubator and WENVEST Capital.
Headquartered in Berlin, the 5-year-old company offers firms an employee finance app that can be used to process expenses and benefits digitally. In addition, it provides employees with corporate credit cards, credit lines and cash back, according to the report.
Its software has gone from simplifying the lives of travelers and accountants at startups to a tool for small- to medium-sized businesses (SMBs) and mid-market clients, the blog post stated. Today, more than 70% of its 1,000 customers are businesses from traditional sectors.
“At Circula, we work on a product that perfectly reflects the status quo in the new world of work, placing the employee at the center, valuing their time and rewarding them for their contributions,” the company said in the post.
Last year, Circula’s revenues grew at a 270% year-over-year clip, and the company went from producing one expense management product to multiple ones, including the employee benefits and corporate card, according to the post.
In other news, Arc, a startup that offers a finance platform for SaaS, emerged two weeks ago with $161 million in funding.
Read more: SaaS Funder Arc Launches With $161M
In partnership with Stripe, Arc said it is building a first-of-its-kind FinTech solution where software founders can borrow, save and spend on one comprehensive digital platform.
Its introductory product, Arc Advance, allows SaaS founders to convert future revenue into upfront capital without dilution at the click of a button.