- Spenmo’s parent launches Summit after tumultuous year.
- New brand targets $180M Singapore market.
- CEO emphasizes transparency to boost morale amid expansion.
When life gives you lemons, launch a new brand
Digital Services SG Five, the parent company of fintech firm Spenmo, is bouncing back from a tumultuous 2023 with the launch of a new brand called Summit.
Despite facing executive shakeups, embezzlement rumors, and layoffs last year, the company is pivoting towards a multi-brand approach.
Summit will offer vendor invoice management and employee expense management solutions, positioning itself as a smart accounts payable workflow tool.
Summit aims to differentiate itself in the competitive accounts payable market by focusing on processing rather than payments.
Led by Jo-ann Chung as CEO, the new brand plans to target small businesses in Singapore initially, with an eye on expansion across the Asia Pacific region. Chung estimates a total addressable market of up to US$180 million in Singapore alone.
Team building at base camp
Despite the challenges faced in 2023, Chung claims that company morale is high as they prepare for Summit’s launch.
The acting CEO emphasizes the importance of transparency and open communication in maintaining team cohesion.
New initiatives such as monthly town halls and quarterly planning workshops have been implemented to keep staff engaged and aligned with the company’s new direction.
To read the original article: https://www.techinasia.com/spenmo-launches-brand-rocky-2023
