Expense management platform Air-base announced on Friday July 15 that it had secured $150 million in debt financing led by Goldman Sachs.
According to a press release emailed to PYMNTS, the funding will allow Airbase to expand its payment card program to a growing customer base.
“Demand for Airbase’s corporate cards – part of its award-winning expense management platform – has grown as more companies seek employee expense visibility and control,” the company said. San Francisco-based company in the release.
Airbase said its corporate cards are software-enabled, meaning they capture and transmit expense data. Automated approval workflows match company policies and accounting entries go directly to the general ledger, while the expense management platform manages all non-salary expenses.
“Airbase is focused on delivering the most in-depth and best-in-class expense management platform available on the market today,” said Thejo Kote, founder and CEO of Airbase. “Our maps are an important part of this platform.”
Kote noted that while most Airbase customers use its card program for its cashback benefits, the recent launch of its payment card program has allowed the company to offer more options to businesses. who want more flexibility.
This funding from Goldman, Kote added, “clears the way for us to compete more aggressively for companies that want to extend repayment terms.”
PYMNTS spoke earlier this week with Robin Sharma, Senior Accounting Manager at Airbase, about how small businesses can leverage technology to update accounting features that improve cash management and help to execute long-term strategies.
Read more: Small tools pay off big as SMBs limit spending
The accounting department, Sharma said, is due to digital innovation, moving away from paper in favor of streamlined data flows.
As Sharma told PYMNTS, looking back over more than a decade in different accounting roles: “I’ve spent countless hours manipulating data, collecting information and integrating it into accounting software for analyze.”
“Using software to manage this data and see everything in one place,” she added, “it saves time.”
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