Spend management platform Airbase has secured $150m in debt financing from Goldman Sachs.
The funds will enable Airbase to expand its innovative change card program to its increasing customer base. It claims the demand for its services has surged as more companies seek visibility and control over employee spending.
Airbase offers software-enabled corporate cards. It boasts automated approval workflows that map to a company’s policies and accounting entries. Its solution handles all non-payroll spend, including corporate cards, bill payments, purchase orders and employee expense reimbursements.
Airbase founder and CEO Thejo Kote said, “Airbase has been hyper-focused on providing the deepest and best spend management platform available in the market today.
“Our cards are an important component of that platform. While most of our customers utilise 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 $150m 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.”
Earlier in the year, Berlin-based spend management platform Moss hit a $573m valuation after the close of a €75m Series B round. The company, which plans to launch in the UK, lets clients issue virtual and physical cards, digitally approve invoices, process employee expenses and more.
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