Editor’s note: This story has been updated with an official response from Spenmo.
Just a little over a year after closing a hefty $85.5-million Series B from Tiger Global, Insight Partners and key investors, Singaporean expense management startup Spenmo is beginning to show visible cracks.
Several sources close to Spenmo told DealStreetAsia that the firm is suffering from major lapses in risk and governance, leading to a series of incidents involving bribery and misuse of funds.
Embezzlement of funds
Sometime between end-2022 and early-2023, Spenmo’s former chief product officer Andika Prasetya took off with around S$1.2 million of funds held by the startup and its clients, triggering an internal investigation by its investors Insight Partners and Alpha JWC Partners, said sources close to the development.
