Fintech company CapitalOS today announced it is emerging from stealth with $39 million in equity funding and debt financing. The financing round was led by Group 11 with participation from Upper90, Vera Equity, Slow Ventures and angel investors including Huey Lin, Tomer London, Michael Sindicich, Yin Wu and Oz Alon.
The company has developed a platform enabling businesses to build a spend management solution in a fraction of the time, for a fraction of the cost. Once integrated, CapitalOS handles the entire user journey, from onboarding to ongoing card management.
The company was founded by Israelis Nir Dremer and Matan Goldschmiedt and is headquartered in San Francisco. With remote employees in Israel the company plans to open a development center here.
Dremer said, "Managing expenses is crucial for small businesses, yet many struggle to manage expenses without necessary resources, resulting in wasted time and money. We designed a solution that requires just one API call, and eliminates the burden on platforms to handle compliance, risk, underwriting, and capital."
The funding raised will be used to continue enlarging the company and support the growth of its expanding network of software platform partners. CapitalOS is available to thousands of businesses through platforms such as Intuit QuickBooks, Workiz & Roll Credits.
Group 11 founding general partner Dovi Frances said, "There are 33 million small businesses (in the US), and the majority of them are not handling spend efficiently. The platforms these businesses use daily are uniquely positioned to help them take control over their spending. CapitalOS shifts the paradigm by enabling platforms to launch spend management at a fraction of the cost and with a direct impact on the small businesses bottom line."
Published by Globes, Israel business news - en.globes.co.il - on November 28, 2023.
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