Airbase is an up-and-coming spend management platform company — which recently launched. Airbase’s platform was created to solve the unique challenges that businesses have with operating in the subscription economy.
With Airbase, companies gain control and visibility over their spend lifecycle ranging from pre-approval of spend to making payments to recording every transaction in the accounting software.
This is especially important as businesses often rely on different systems for pre-approval of spend, corporate cards, expense reimbursements, invoice processing, and ACH/check payments. And this limits overall visibility and control of finances. Airbase founder and CEO Thejo Kote knew of this problem firsthand as he was scaling his previous company Automatic — which was acquired by SiriusXM in a reported $100+ million deal.
Airbase essentially solves the problems associated with requests, payments, and accounting in a single integrated platform. And this holistic approach enables Airbase to offer control, visibility, and automation where other spend management tools fail. As a result, finance teams can track and oversee exactly when, where, how, and by whom spent is spent at a fraction of the time.
“Identifying exactly how funds are being used is complex when you’re rapidly ramping up operations,” said Kote in a statement. “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.”
Earlier this month, Airbase had announced it raised $7 million in funding led by First Round Capital. Some of Airbase’s other backers include Maynard Webb, Village Global, BoxGroup, and Quiet Capital.
“There has been very little innovation in this space, which has forced companies to settle for disparate, outdated solutions,” added First Round Capital general partner Bill Trenchard. “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.”
Customers have been receptive to the Airbase platform as the company acquired a number of customers before its public launch. These customers include Gusto, Doximity, Segment, Getaround, Netlify, YourMechanic, and several others.
“Airbase has rethought how spend management should be done from the ground up,” explained Sean Flynn, CPA and Controller at Gusto. “We get all the control and visibility we need while delivering an amazing experience to the entire company.”
Airbase’s customers have also attested to the company’s promise of eliminating more than 50% of the spend-related workloads as the platform combines data from different processes in one system. And it eliminates dozens of hours of manual work.
“Airbase has transformed our workflows,” added Doximity Controller David Coffman. “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.”
