Berlin-based credit card fintech, Moss, has raised €21 million in a Series A round led by Peter Thiel’s Valar Ventures.

Moss issues its card via partner institution in Malta

Joining the PayPal co-founder’s firm in the round are existing backers, Cherry Ventures and Global Founders Capital.

Moss aims to provide a corporate credit card to replace expense reports and manual employee spending processes.

It says its platform can enable companies to “stop chasing receipts and start automating their accounting”.

It provides a physical credit card, team management software, subscription management, and account controls. Firms have a credit limit of €250,000 and no-interest payback for 30 days.

The account costs €49 a month, plus a €7 charge for every active user (defined as those who make more than one payment a month).

Moss’ card is issued by Transact Payments Malta, pursuant to a licence from Mastercard.

Valar Ventures has a handful of German fintech start-ups on its investment books, including challenger bank N26.

A Valar-backed German fintech, Monedo, filed for bankruptcy in September last year.

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