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Airbase, the leading spend management platform for mid-market businesses, has closed $60M in Series B financing. Leading Silicon Valley investor Menlo Ventures led the round, along with participation from Craft Ventures, and existing investors Bain Capital Ventures, First Round Capital, Quiet Capital, Webb Investment Network, and BoxGroup. The Series B values Airbase at $600M, and increases the total funds raised to $91M.
Airbase is the first and only spend management platform to, by design, combine all of the operations associated with accounts payable, including bill payments, corporate cards, and employee reimbursements, onto one platform. All other competitors in the sector provide more narrow solutions, although there is a growing acknowledgment among point-solution providers that a consolidated approach is the right one.
We believe that behind the escalating enthusiasm for the sector by both customers and investors, is the realization that spend management solves a clear and urgent problem for finance and accounting teams, and that it represents an inevitable transformation in how companies spend money.
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Airbase’s holistic approach to spend management with its consolidated platform is loved by its many fast-growing customers, like Segment, Harness, Cameo, and Lattice. The platform’s flexibility makes it ultimately scaleable and an excellent fit for companies from startup to IPO. The new capital will allow Airbase to continue investing in its category-leading platform as the market expectation continues to rapidly shift away from point solutions.
The $60M capital infusion will be used to intensify Airbase’s product development and deepen its functionality to support larger midsize companies that have more complex payment and accounting needs. For example, we’ll add to our already robust workflow and payments features, with our rollout of full subsidiary support, in the coming months.
Among its many differentiating features, Airbase’s platform remains the clear front runner when it comes to approval workflows for company-wide spending. Its Advanced Approvals module allows for extremely customizable and tremendously flexible request routing. For example, Airbase allows settings for specified types of expenses to be automatically routed to, say, the IT department for proper vetting and for contingency approval routing when primary approvers are unavailable.
Airbase is unique with respect to creating deep integrations with the general ledgers it supports, including QuickBooks, Xero, Sage Intacct, and Oracle NetSuite. This approach means that data moves automatically from Airbase to the GL and that a company’s favorite GL features can be run from within Airbase.
Learn more about our platform, review the many resources we provide for finance and accounting professionals or join our Off the Ledger Slack community.
Airbase is deeply committed to building software that makes an impactful and positive change on the people and the processes associated with how a company spends money. Our driving goal is to elevate the role of employees to focus on work that makes companies successful. Learn how Airbase can free you up to make a more valuable contribution to your company.
We’d love to show you how Airbase can transform your company’s spending.
