Airbase, an American spend management platform that serves mid-market and enterprise companies, has secured debt financing of $150m led by Goldman Sachs.
The company said that the latest funding will enable it in expanding its charge card programme to its customer base.
Its corporate cards are said to be software-enabled, which allows them to capture and transmit data on spending.
According to Airbase, automated approval workflows map to its policies and accounting entries automatically flow to the general ledger.
Its spend management platform is said to manage all non-payroll spend. This includes corporate cards, purchase orders, bill payments, and employee expense reimbursements.
Airbase founder and CEO Thejo Kote said: “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 $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.”
The company’s latest credit facility follows its recent partnerships with AMEX and Silicon Valley Bank (SVB).
Airbase through its spend management platform is said to combine all-inclusive accounts payable automation, software-enabled corporate cards, and streamlined reimbursements of employee expenses. The platform applies approval workflows across all areas, automates accounting, and gives real-time reporting for all non-payroll spend.
