Airbase
today announced the launch of its modern spend management platform. The
groundbreaking platform was designed to solve the unique challenges
today’s businesses face as they operate in a subscription economy. The
Airbase platform gives companies unprecedented control and visibility
over their spend lifecycle — from pre-approval of spend, to making
payments, to recording every transaction in their accounting software.
Airbase debuts with $7 million in Series A funding in a round led by
First Round Capital.
“There has been very little innovation in this space, which has forced
companies to settle for disparate, outdated solutions,” said Bill
Trenchard, General Partner at First Round Capital and Airbase investor.
“Airbase has taken a bold step forward to create an entirely new
paradigm. It delivers a real solution to the biggest problems finance
teams face as their companies grow.”
Today’s businesses rely on different systems for pre-approval of spend,
corporate cards, expense reimbursement, invoice processing and ACH /
check payments. This limits overall visibility and control of finances.
Airbase founder and CEO, Thejo Kote, struggled with the existing spend
management stack as he scaled his previous company, Automatic, a
venture-funded startup which was acquired by SiriusXM. The experience
inspired his vision of fundamentally changing how spend management is
done in order for companies to grow more efficiently.
“Identifying exactly how funds are being used is complex when
you’re rapidly ramping up operations,” said Kote. “We’re building a
platform that makes figuring out where the money is going, and then
controlling the flow, incredibly easy. We do it by replacing all the
tools that usually sit between a company’s bank account and its
accounting software.”
Airbase solves the problems of requests, payments and accounting
together in a single integrated platform. This holistic approach lets
Airbase offer control, visibility and automation where other spend
management tools can’t. Now, finance teams can track and oversee exactly
when, where, how and by whom money is spent at a fraction of the effort.
Offering new levels of control and visibility, Airbase frees up funds
for mission-critical investments and enables sustainable, more
predictable growth.
Customers have already responded to the new paradigm Airbase brings to
market. Even before its public launch, Airbase demonstrated impressive
traction, acquiring a number of customers including Gusto, Doximity,
Segment, Getaround, Netlify, YourMechanic and others. These customers
can attest to Airbase’s promise of eliminating over 50% of the
spend-related workload as the platform unites data from different
processes in one system and eliminates dozens of hours of manual work.
“Airbase has rethought how spend management should be done from the
ground up,” said Sean Flynn, Controller at Gusto. “We get all the
control and visibility we need while delivering an amazing experience to
the entire company.”
“Airbase has transformed our workflows,” added David Coffman, Controller
at Doximity. “It’s nice to have one tool to go to for everything. We get
back a lot of time as we don’t have to spend hours researching what
we’ve spent.”
To see the platform in action and learn more, please visit www.airbase.io.
About Airbase
Airbase is the first all-in-one spend management platform that gives
finance teams unparalleled control and visibility over the entire spend
lifecycle. Its holistic approach replaces multiple systems and handles
every workflow, including expense approvals and payments (physical
cards, virtual cards, ACH, check), while also automating away the bulk
of spend-related accounting. Customers include Gusto, Doximity, Segment,
Getaround and more. The company is backed by investors such as First
Round Capital, Maynard Webb and Village Global.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190417005625/en/