FinTech: Corporate Spend Management Platform Airbase Nabs $150M Credit Facility From Goldman Sachs

July 15, 2022 | FinTech, Latest News, News
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Airbase, a leading spend management platform, closed the latest funding this month.

Airbase, a spend management platform catering to mid-market and enterprise companies, announced today the close of its $150 million debt financing round led by Goldman Sachs (NYSE: GS). Airbase will apply the funding towards the expansion of its corporate charge card program, a component of the spend platform. (Businesswire)

The company said it was seeing a robust demand for its corporate cards as more companies need detailed information and control on employee spending. The added attraction of these Airbase cards is that they are software-enabled to capture and relay spending data to the Airbase platform. The system is able to validate spending against corporate policies, release automated approval for the expense, and process its accounting directly through to the accounting general ledger.

For example, customers can create an AMEX virtual Card on the Airbase platform and enjoy the visibility and control provided by spend management. Airbase’s system automatically routes employees’ requests to create an AMEX virtual Card to the right approvers, captures transaction details, and syncs them to the company’s general ledger.

“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 in a statement. “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.”

Related Story: Corporate Card And Expense Management Platform Jeeves Raises $180M

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