This web app uses cookies to compile statistic information of our users visits. By continuing to browse the site you are agreeing to our use of cookies. If you wish you may change your preference or read about cookies

close

Why Spenmo's Business Model is so successful?

Get all the answers


Spenmo’s Company Overview


Spenmo is a Singapore-based fintech startup that provides automated payable solutions to businesses. Founded in 2019, the company aims to streamline and simplify the complex and time-consuming business expense management process. Spenmo's innovative platform offers a unique combination of software and corporate cards to help businesses control spending, automate accounting processes, and save time. The company's primary goal is to empower businesses to manage their finances more efficiently, enabling them to focus more on their core operations. Spenmo has already gained significant traction in the market, serving many clients ranging from startups to large corporations. Business Model: Spenmo operates on a SaaS (Software as a Service) business model, offering its clients subscription-based access to its platform. The company provides a suite of tools that assist businesses in expense management, budgeting, and accounting. By leveraging technology, Spenmo helps businesses automate their payable processes, thereby reducing manual work and minimizing errors. The company's offering includes a corporate card that employees can use for business-related expenses, with all transactions tracked and recorded on the platform. This eliminates the need for expense reports and reimbursements, making the process more efficient. Revenue Model: Spenmo generates revenue primarily through its subscription fees. Businesses are charged a monthly or annual fee to access the Spenmo platform and use its services. The pricing is tiered based on the number of users and the features included, allowing companies of all sizes to find a plan that suits their needs. In addition to the subscription fees, Spenmo also earns revenue from interchange fees. Every time a client uses a Spenmo corporate card for a transaction, the company earns a small percentage of the transaction amount. This dual revenue stream allows Spenmo to maintain a steady income while providing valuable services to its clients.

https://spenmo.com/

Country: Singapore

Foundations date: 2014

Type: Private

Sector: Financials

Categories: Financial Services


Spenmo’s Customer Needs


Social impact:

Life changing: affiliation/belonging

Emotional: provides access

Functional: saves time, simplifies, reduces risk, organizes, integrates, reduces effort, reduces cost


Spenmo’s Related Competitors



Spenmo’s Business Operations


Cross-selling:

Cross-selling is a business strategy in which additional services or goods are offered to the primary offering to attract new consumers and retain existing ones. Numerous businesses are increasingly diversifying their product lines with items that have little resemblance to their primary offerings. Walmart is one such example; they used to offer everything but food. They want their stores to function as one-stop shops. Thus, companies mitigate their reliance on particular items and increase overall sustainability by providing other goods and services.

Customer relationship:

Due to the high cost of client acquisition, acquiring a sizable wallet share, economies of scale are crucial. Customer relationship management (CRM) is a technique for dealing with a business's interactions with current and prospective customers that aims to analyze data about customers' interactions with a company to improve business relationships with customers, with a particular emphasis on retention, and ultimately to drive sales growth.

Customer loyalty:

Customer loyalty is a very successful business strategy. It entails giving consumers value that extends beyond the product or service itself. It is often provided through incentive-based programs such as member discounts, coupons, birthday discounts, and points. Today, most businesses have some kind of incentive-based programs, such as American Airlines, which rewards customers with points for each trip they take with them.

Digital transformation:

Digitalization is the systematic and accelerated transformation of company operations, processes, skills, and models to fully exploit the changes and possibilities brought about by digital technology and its effect on society. Digital transformation is a journey with many interconnected intermediate objectives, with the ultimate aim of continuous enhancement of processes, divisions, and the business ecosystem in a hyperconnected age. Therefore, establishing the appropriate bridges for the trip is critical to success.

Corporate innovation:

Innovation is the outcome of collaborative creativity in turning an idea into a feasible concept, accompanied by a collaborative effort to bring that concept to life as a product, service, or process improvement. The digital era has created an environment conducive to business model innovation since technology has transformed how businesses operate and provide services to consumers.

Data as a Service (DaaS):

Data as a Service (DaaS) is a relative of Software as a Service in computing (SaaS). As with other members of the as a service (aaS) family, DaaS is based on the idea that the product (in this instance, data) may be delivered to the user on-demand independent of the provider's geographic or organizational isolation from the customer. Additionally, with the advent[when?] of service-oriented architecture (SOA), the platform on which the data sits has become unimportant. This progression paved the way for the relatively recent new idea of DaaS to arise.

Disruptive banking:

The banking industry's disruptors are changing the norms that have been in place for decades. These new regulations, however, will only be effective until the next round of disruption occurs. Banks and credit unions must thus be nimble and responsive. We need audacious tactics. 'Disruptive Innovation' is a term that refers to the process whereby a product or service establishes a foothold at the bottom of a market and then persistently climbs up the value chain, ultimately replacing existing rivals.

Software as a Service (SaaS):

Software as a Service (SaaS) is a paradigm for licensing and delivering subscription-based and centrally hosted software. Occasionally, the term on-demand software is used. SaaS is usually accessible through a web browser via a thin client. SaaS has established itself as the de facto delivery mechanism for a large number of commercial apps. SaaS has been integrated into virtually every major enterprise Software company's strategy.

Transaction facilitator:

The business acts as an acquirer, processing payments on behalf of online merchants, auction sites, and other commercial users for a fee. This encompasses all elements of purchasing, selling, and exchanging currencies at current or predetermined exchange rates. By far the biggest market in the world in terms of trade volume. The largest multinational banks are the leading players in this industry. Around the globe, financial hubs serve as anchors for trade between a diverse range of various kinds of buyers and sellers 24 hours a day, save on weekends.

Innovative retail banking model:

The design has no resemblance to a bank but more to a coffee shop. There is free wifi and a large number of iPads accessible for internet use. Automated teller machines (ATMs) are located around the perimeter of the coffee shop, allowing customers to conduct financial transactions. The workforce consists of a mix of coffee shop patrons and banking personnel who circulate and make themselves accessible. If you need services not available through an ATM, fully trained bank personnel can offer all services typically available at a conventional bank branch.

Subscription:

Subscription business models are built on the concept of providing a product or service in exchange for recurring subscription income on a monthly or annual basis. As a result, they place a higher premium on client retention than on customer acquisition. Subscription business models, in essence, concentrate on revenue generation in such a manner that a single client makes repeated payments for extended access to a product or service. Cable television, internet providers, software suppliers, websites (e.g., blogs), business solutions providers, and financial services companies utilize this approach, as do conventional newspapers, periodicals, and academic publications.

Easy and low-cost money transfer and payment:

This business model makes money transfers and producing and collecting prices more affordable and accessible to consumers. Sending and receiving the money to pay wages, settle business transactions, paying school fees, or supporting family members is typical for companies and people alike. It necessitates fast, dependable, and cheap money transfer services that enable money to be placed in one location and withdrawn in another in urban and rural regions alike.

Embed code:

x
Copy the code below and embed it in yours to show this business model canvas in your website.