Founded in 2017, Airbase is a fintech startup that helps mid-size and enterprise companies with their non-payroll spending needs. Expenses such as employee reimbursements, monthly bill payments or even getting corporate credit cards for executives can be a bit of a headache having to frequent the bank, open new accounts and all other minutiae steps. However, Airbase simplifies the process for companies with its spend management platform.
Based in San Franciso-based, the fintech startup recently announced that it secured a $150 million credit facility from Goldman Sachs. Unlike equity financing where a company raises money by selling shares to investors, a credit facility is a type of extended loan where a company can continue to borrow money instead of having to apply for loans when in need of capital.
Prior to this credit facility, Airbase has raised $101.5 million in venture funding across several rounds, according to Crunchbase.
Through Airbase’s platform, companies issue and manage company credit cards or set up employee reimbursement processes. The platform also keeps track of all spending data and relays the information back to the company so they know how money is being distributed.
“Airbase has been hyper-focused on providing the deepest and best spend management platform available in the market today,” Thejo Kote, founder and CEO at Airbase, said in a statement. “Our cards are an important component of that platform. While most of our customers utilize 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 $150 million 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.”
With the secured credit facility, Airbase is set to expand its corporate card program. The program features things such as 2 percent cash back on everything and has higher limits than other corporate card programs, according to Airbase.
