Layoff
Jun 2025Summit, formerly Spenmo, laid off roughly one-third of staff; Fintech Singapore reported 24 cuts out of a 64-person team across Singapore, Indonesia, and India after a strategic refocus.
SourceA spend management software that provides businesses visibility,…
Company research
Public company, workplace, funding, and market signals
Overview
Summit is the current Singapore-based brand of former Spenmo: an AI-powered spend management platform for AP automation, employee expense claims, vendor invoice processing, and corporate card reconciliation for SMEs and mid-market finance teams in Singapore and APAC.
Primary product
AI-powered spend management platform for employee expense management, vendor invoice management, and corporate card management
Founded
2024
Headquarters
36 Carpenter Street, #02-01 Carpenter Haus, Singapore 059915
Team size
11-50
Industry
Software Development
Sub-industry
Business spend management / accounts payable automation
Offices
36 Carpenter Street, #02-01 Carpenter Haus, Singapore 059915
San Diego, United States
Business model
B2B SaaS
usage-based pricing
subscription software
Funding
Stage
Series B
Total raised
$121.5M
Latest round
Series B · Jan 2022
Latest amount
$85.3M
People & investors
Leadership
Chief Executive Officer
Chief Technology Officer
VP of Products
Chief Financial Officer
Achyut Balaji
Head of Product
Widyasari Ratnawati
Talent Acquisition Partner - APAC
Elfin Poh
Creative Director
Founders
Former CEO & founder of Spenmo
Investors
Work & culture
Public materials describe a customer-centric, collaborative, and adaptive culture: clear goals, monthly town halls, frequent communication, 1:1s, celebrating wins, and a work-hard/play-hard attitude.
Product & market
Pricing
Usage-based pricing tied to transaction volume; custom quote; no per-user pricing
Differentiators
- —AI-native spend management built for Singapore and APAC
- —Unified AP workflow across employee expenses, vendor invoices, and corporate cards
- —Built-in Singapore compliance focus including GST and IRAS readiness
- —Usage-based pricing instead of per-seat pricing
- —Fast onboarding and implementation, often within days
- —Multi-entity and multi-currency support
- —Native integrations with Xero, QuickBooks, NetSuite, and Microsoft Dynamics
- —Real-time policy enforcement and anomaly detection
- —Finance-team-first design and local support
Technology
AI
OCR
Gemini AI
Xero
QuickBooks
NetSuite
Microsoft Dynamics
InvoiceNow (Peppol)
React
TypeScript
Node.js
MySQL
GitHub Actions
Terraform
Playwright
Postman
Slack
Asana
Customers
professional services firms
logistics companies
accounting firms
non-profit organisations
preschools
family offices
multi-entity businesses
Allport Cargo Services
Verdant Energy
Motion For Impact
% Arabica Malaysia
Slimstock
OCP Asia
Competitors
SAP Concur
Expensify
Zoho Expense
Peakflo
Airwallex
Navan
Scale & contact
Estimated revenue
USD 10M-$20M
Estimated monthly visits
3.3K
Signals & risks
Layoff
Nov 2022Spenmo reportedly cut about 30% of its workforce in late 2022 amid a runway extension effort; reports said the company had already made layoffs earlier in 2022.
SourceOther
Jul 2024The company rebranded from Spenmo to Summit after a troubled 2023, including a Philippines exit and the resignation of CEO Justin Choi shortly after taking over.
SourceOther
Reports around the rebrand period cited internal allegations of financial misconduct in Indonesia and a strategic reset away from Spenmo's earlier bill-pay/corporate-card emphasis.
SourceLatest news
Fintech News Singapore · Jun 2025
Reported 24 layoffs out of 64 employees and linked the cuts to the post-rebrand strategic reset.
Tech in Asia · Jun 2025
Reported that Summit, formerly Spenmo, laid off about one-third of its workforce and was refocusing its business strategy.
PR Newswire · Jul 2024
Official launch announcement for Summit's AI-powered spend management platform, backed by Global Founders Capital and Insight Partners.
DealStreetAsia · Jul 2024
Covered the rebrand from Spenmo to Summit after a troubled 2023, including the Philippines exit and leadership changes.
TechCrunch · Sep 2021
Announced Spenmo's $34M Series A led by Insight Partners and described the product pivot toward payables workflows.
Jobs and careers at Spenmo
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