Cledara, a software management platform for growing companies, has completed a £17 million Series A funding round. 

Founded in London in 2018 with offices in Barcelona and Denver, Colorado, the company aims to help firms manage and gain value from their growing stack of software subscriptions.

It issues credit and debit cards exclusively via the Mastercard network. It is one of only a handful of FinTechs able to serve customers in the United States, the UK and in 28 countries across Europe. 

Cledara, which counts London scaleups Marshmallow and what3words among its 800+ clients, estimates that $48 billion will be wasted by businesses on forgotten, unused and duplicate software subscriptions in 2022 alone.

“Cledara is a result of my life-long desire to start a company that focussed on helping people” said CEO Cristina Vila, who founded the business with Brad Van Leeuwen. 

“By helping growing companies discover, buy and manage the software they use to be successful, we empower them to focus their valuable time on what ultimately matters most – their people and customers.” 

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CommerzVentures, a specialist FinTech investor behind eToro, Marqeta and By Miles, led the round with additional investment by Carbide Ventures and Massive, as well as existing investors Nauta Capital and Notion Capital.

The funding will accelerate Cledara’s expansion in the US on the heels of explosive growth across the business. Total volume of software purchased through Cledara grew 830% in the last 12 months. 

The United States has quickly become Cledara’s second-largest and fastest growing market with 35%+ MoM growth since they announced their US launch this past March.

The co-founders are to relocate to Denver to further build the business’s operational and market presence in the US.

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Paul Morgenthaler, managing partner of CommerzVentures, said: “Cristina, Brad and the rest of the team at Cledara are freeing up growing businesses around the world to use the software that works best for them. 

“Their product is perfectly timed, as recent market headwinds places greater attention on efficiencies, and their remarkable growth is testament to the value they deliver. 

“We’re looking forward to seeing what the future holds for Cledara as they continue to establish themselves as a global SaaS player.”