Circula
“Can an expense management SaaS platform become the embedded financial OS for German mid-market companies by combining corporate cards, ERP integrations, and AI-powered reconciliation?”
Founded2017
HQBerlin, Germany
Total raised€15M+ (disclosed rounds)
Latest roundSeries A + Debt, May 2025
IndustryHorizontal SaaS / Spend Management
The story
Founded in 2017 as Beckett Labs GmbH, Circula pivoted to become a digital expense management platform targeting German SMBs and mid-market companies. The company expanded from pure expense reporting into embedded corporate cards (Cards-as-a-Service via Pliant), blurring the line between SaaS and financial services. By 2025, Circula was processing €100M in card spend annually and had signed clients such as Aston Martin, DATEV, and Securitas, positioning itself as a full spend management platform integrating payroll, HR, ERP, and travel booking systems.
Product timeline
2017
Founded as Beckett Labs GmbH in Berlin, focused on digital expense management for German businesses.· pivot
2022
Raised Series A funding round; rebranded/operating as Circula with expanded expense management platform.· banking
2023
Launched Circula corporate credit cards powered by Cards-as-a-Service via Pliant, targeting large SMBs and mid-market companies.· card
2025
Secured €15M funding round with CIBC Innovation Banking as debt investor; announced plans to process €100M in card spend annually.· banking
The stack
4 layers disclosed in Circula’s embedded-finance stack
Banking / BaaS
Transact Payments Malta Limited
Card issuing
in the full report
Sponsor bank
in the full report
Accounting
in the full report
Accounting gap: minor
9 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.