Center – a software company modernizing expense management – recently announced a $30million Series C funding round. The funding round from the Series C round will be used to accelerate innovation, broaden distribution, and drive to profitability. The round comes on the heels of Center’s integrated travel and expense launch, reinforcing the company’s mission to transform spend management with a card-first approach, usage-based pricing model, and expanded product offerings.
The business has been continuing to scale with 64% customer growth year-over-year. Considering the backdrop of inflation and a rise in business travel, streamlining and controlling corporate spending is a top priority for businesses. And Center’s card-first approach delivers complete visibility and control of employee spend, eliminating patchwork expense systems and enabling better management of decentralized purchasing.
Center will utilize its capital infusion to continue developing new features and capabilities that address customer pain points of rigid ‘one-size-fits-all’ expense management and integrated travel and expense solutions.
A major area of innovation will focus on creating an open platform targeted at both vertical software developers and financial institutions. And the company will offer client libraries and APIs that enable third parties to embed card and expense management features into existing workflows.
KEY QUOTES:
“We are confident that how a payments platform integrates with other software packages will not only become a top priority for customers across industries but will also evolve into the most crucial payments differentiator. Opening up our platform and creating an ecosystem that can be deeply integrated, customized, and embedded natively inside of existing web and mobile applications provides value for the corporate customer, developer partners, and financial institutions alike. We see a fully integrated approach as the next frontier of innovation for expense management.”
– Naveen Singh, CEO of Center
“Center’s enriched tech portfolio underlines the company’s vision of providing a seamless, end-to-end expense management experience from sales to deployment. As evidenced by continuous business momentum and customer growth, their card-first approach is redefining what effective expense management is for the modern era. We look forward to supporting their growth in this next phase.”
– Garth Timoll, Managing Director at Top Tier Capital
“We believe in Center’s vision of building a modernized expense management experience and are reiterating our commitment to this partnership with our additional investment. Center’s focus on expanding their tech stack and offering plug and play solutions increases value to existing customers and unlocks multiple entry points into the market, creating new opportunities to serve a broader range of customers.”
– Henry Ellenbogen, Managing Partner and Chief Investment Officer at Durable Capital Partners LP
