Moss obtained EUR 75 million in financing in January 2022, with Tiger Global Management leading the Series B and A-Star also investing. Moss was valued at around EUR 570 million following the fundraising round. In total, the firm has raised roughly EUR 150 million. Moss only offers credit cards, not debit cards. Employees can produce virtual cards for online payments in addition to physical cards. Moss users receive 0.4% cash back every time they make a purchase.
In May 2022, the fintech applied for an e-money license from the Federal Financial Supervisory Authority (BaFin). This has already been approved, meaning that the company has had an e-money license since the end of June 2022.
The fintech offers accounting automation and integrations, meaning that customers automating repetitive pre-accounting tasks in Moss. Reduce the month end close time and export data into your accounting software with just one click. Users can also set individual approval policies digitally and define who approves what, such as card payments, reimbursements or invoices.
With Moss Insights, transactions from all accounts are brough together in one place. User can connect all business accounts to Moss and track their liquidity in real time. Expenses can also be monitored to understand how and where money is spent across your accounts, which can be broken down by category or team.
A fintech with an e-money licence can provide payment services and some financial services products, but cannot act as a bank or use the word "bank" in their name or marketing materials. In general, e-money institutions may receive customer funds and convert them to e-money, but they cannot manage them.
With the license, Moss could, for example, take over the “issuing” of credit cards himself, which is currently being carried out by the service provider Transact Payment. The company is also likely to offer short-term loans itself as part of an extended e-money license, seeing as the lending process is currently handled by Raisin Bank. According to a Moss representative, quoted in Finance Forward, the license will allow the fintech to gradually carry out parts of regulated activities themselves.
The Berlin neobank Vivid Money also announced the acquisition of an investment license in the Netherlands at the end of August 2022. Digital credit card solution provider Pliant has also applied for an e-money license.
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