New capital to fuel expanded access to credit for Airbase spend management customers.
Airbase, the fast-growing and top-ranked spend management platform for mid-market and enterprise companies, has today announced $150M in debt financing led by Goldman Sachs.
This latest funding, which closed this month, will allow Airbase to expand its innovative charge card program to its increasing base of customers. Demand for Airbase corporate cards — part of its award-winning spend management platform — has been surging as more companies seek visibility and control over employee spending.
Airbase corporate cards are software-enabled, which means they capture and transmit spending data. Automated approval workflows map to company policies and accounting entries flow automatically to the general ledger. The complete spend management platform handles all non-payroll spend, including corporate cards, bill payments, purchase orders, and employee expense reimbursements.
“Airbase has been hyper-focused on providing the deepest and best spend management platform available in the market today,” said Thejo Kote, Founder and CEO at Airbase. “Our cards are an important component of that platform. While most of our customers utilize our pre-funded card program for its market-leading cashback benefits, last year’s launch of our charge card program allowed us to give more options to approved companies wanting more flexibility. This $150mm facility, led by Goldman Sachs, paves the way for us to compete more aggressively for the business of companies that wish to extend repayment terms.”
In April 2022, Airbase was recognized by the American Business Awards as one of America’s Most Innovative Tech Companies and is also ranked as the #1 Spend Management Company on the G2’s 2022 Best of Software Awards. In January 2022, GetApp named Airbase a 2022 Category Leader in Accounts Payable.
This $150M credit facility announcement follows recent news of partnerships with AMEX and Silicon Valley Bank (SVB) as the company continues to go from strength to strength.
About Airbase:
Airbase is the #1 comprehensive spend management platform. It combines all-inclusive accounts payable automation, software-enabled corporate cards, and simplified employee expense reimbursements. Airbase applies consistent approval workflows across all areas, automates accounting, and provides real-time reporting for all non-payroll spend. Innovative accounting automation results in a faster close, better visibility, and true control. Most companies rely on a combination of siloed software products, spreadsheets, and manual workarounds to pay vendors and reimburse employees. Airbase eliminates the resulting messy tech stack and inefficient processes by replacing products like Expensify and Bill.com. Airbase empowers employees with a uniform approach to spending money, whether that involves corporate card spend, raising a PO, or requesting reimbursement.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220715005080/en/
Contacts
Darragh Collins | press@airbase.io | +1 604 671 4515
