SaaS start-up Summit launches spend management platform
Singapore-based Software-as-a-Service (SaaS) firm Summit is launching a smart expense management solution built specifically for finance managers of small to medium-sized enterprises (SMEs).
Summit’s leadership team: Isaq Ahmed (CTO), Jo-Ann Chung (CEO), Jim Goudie (CFO)
Founded this year, the start-up aims to “modernise and automate” traditionally manual processes for employee expense claim and accounts payable functions.
To achieve this, Summit says it leverages machine learning (ML) and advanced algorithms to process large volumes of financial data and provide a real-time, centralised view of business spending.
“By leveraging smart tools to automate invoice processing, businesses can save up to 75% of time spent, potentially saving tens of thousands of dollars every year,” its statement at launch claims.
This technology has been packaged into its two product offerings: Vendor Invoice Management and Employee Expense Management, which look to manage vendor payables and employee reimbursements, respectively.
Leading up to its product launch, the company has been supported by Berlin-based VC firm Global Founders Capital and New York-headquartered global software investor Insight Partners.
Commenting on the firm’s debut, Jo-Ann Chung, Summit’s CEO, says: “We see a real gap in the market for a spend management solution for small to mid-sized businesses that helps with delivering efficiency, visibility and control.”
“With Summit, we have taken great effort to design our platform to fit and complement a finance teams’ workflow requirements and lighten their workload by removing repetitive manual tasks such as data entry, status tracking, information retrieval and quality checking.”
