Airbase, a spend management platform for mid-market and enterprise companies, completed $150 million in debt financing led by Goldman Sachs.
This latest funding will allow Airbase to expand its innovative charge card program to its increasing base of customers. Demand for Airbase corporate cards — part of its spend management platform — has been surging as more companies seek visibility and control over employee spending.
Airbase corporate cards are software-enabled, which means they capture and transmit spending data. Automated approval workflows map to company policies and accounting entries flow automatically to the general ledger. The complete spend management platform handles all non-payroll spend, including corporate cards, bill payments, purchase orders and employee expense reimbursements.
“Airbase has been hyper-focused on providing the deepest and best spend management platform available in the market today,” Thejo Kote, founder and CEO at Airbase, said. “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 $150 million 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.”
