The Berlin-based fintech Moss has been one of the rising stars of the past two years, a “Soonicon.” Backers valued the corporate credit card provider at half a billion euros in the last financing round. But the figures for the first full financial year show disappointing revenue numbers.
In the fall of 2022, fintech Moss made it onto a list of “Soonicorns.” This is the name given to startups that could become unicorns in the foreseeable future. Market observers saw Moss as being well on his way. A year ago, the fintech was still raising big money at a valuation of half a billion. Prominent backer Tiger Global participated in a 75 million financing. They were halfway there.
Since their start, the two founders, Ante Spittler and Anton Rummel, were already considered excellent fundraisers who knew the investor side well from their time at the Rocket Internet fund Global Founders Capital – and knew how to apply this knowledge. Some founders looked with envy at the new funding news from the company, which was only founded in the summer of 2019, and has since raised around 150 million euros and hired several hundred employees.
By contrast, the founders were reluctant to talk about business figures. More than 2,000 corporate customers they would already serve, it said only on the homepage. Figures have now been made public for the first time in a few days. They show: In the first full year on the market, the business still consisted mainly of fantasy.