Airbase Books $150M Credit Facility From Goldman Sachs

Spend management platform Airbase announced Friday (July 15) it has secured $150 million in debt financing led by Goldman Sachs.

According to a news release emailed to PYMNTS, the funding will allow Airbase to expand its charge card program to a growing customer base.

“Demand for Airbase corporate cards — part of its award-winning spend management platform — has been surging as more companies seek visibility and control over employee spending,” the San Francisco-based company said in the release.

Airbase said its corporate cards are software-enabled, meaning they capture and transmit spending data. Automated approval workflows map to company policies and accounting entries flow directly to the general ledger, while the spend management platform handles all non-payroll spending.

“Airbase has been hyper-focused on providing the deepest and best spend management platform available in the market today,” said Thejo Kote, Airbase founder and CEO. “Our cards are an important component of that platform.”

Kote noted that while most Airbase customers use its card program for its cash-back benefits, the recent launch of its charge card program allowed the company to provide more options to companies wanting greater flexibility.

This funding from Goldman, Kote added, “Paves the way for us to compete more aggressively for the business of companies that wish to extend repayment terms.”

PYMNTS spoke earlier this week with Robin Sharma, senior manager of accounting at Airbase, about the way smaller companies can leverage technology to update accounting functions that improve cash management and help execute long-term strategies.

Read more: Small Tools Bring Big Payoff as SMBs Clamp Down on Spending

The accounting department, Sharma said, is due for digital innovation, ditching paper in favor of streamlined data flows.

As Sharma told PYMNTS, looking back on more than a decade in different accounting roles: “I’ve spent countless hours manipulating data, gathering information, and putting that into accounting software to analyze it.”

“By using software to manage that data and see it all in one place,” she added, “this saves time.”

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