Airbase raises $60m in Series B to boost spend management capabilities

Corporate spend management firm Airbase has raised $60 million in Series B funding in a round led by Menlo Ventures.

Airbase CEO, Thejo Kote

The Series B brings the San Francisco-based firm’s total raised up to $91 million. It also featured new investor Craft Ventures and a handful of existing backers including Bain Capital.

Airbase offers an all-in-one spend management platform which it says delivers more “control, visibility and automation” for finance teams at small and medium-sized companies.

It has recently launched a new bill payment product as a standalone package, and claims to be the first in its sector to offer international payments with invoices.

The firm says it will use its new capital to “further secure” its position, improve its product portfolio and hire new staff.

“The reception to Airbase’s innovative spend management platform has been overwhelmingly positive,” says Thejo Kote, founder and CEO at Airbase.

“In addition to saving companies time and money, Airbase helps them fundamentally transform spend culture throughout the organisation with real-time visibility into all non-payroll spend.

“We’re excited for the future and look forward to delivering software that helps companies operate higher-performing businesses.”

While Airbase hits a $600 million valuation, its round follows the $2.5 billion mega-acquisition of Divvy by Bill.com in May.

Related: Nubank raises $500m from Buffet-led Berkshire Hathaway in $750m mega-round

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