US-based Airbase, the only comprehensive spend management platform available for small and mid-market companies, has announced a strategic partnership with the bank of the world’s most innovative companies and their investors, Silicon Valley Bank, on 6 October 2021.
Airbase and SVB Partnership will lead to:
- SVB’s business cards can now be managed with Airbase’s spend management platform, which automates accounting and spends approval workflows.
- The new integration with SVB’s corporate card issuing platform will allow the bank’s customers to realize the value of a consolidated spend management platform while remaining with the business credit card program they already use and love.
- SVB customers can now manage all their non-payroll spending in one place — SVB cards, bill payments, employee expense reimbursements — with robust approvals, AP automation, and real-time reporting.
Founded in 2017 by Thejo Kote, Airbase is the only comprehensive spend management platform for small and mid-market companies. It integrates all-inclusive accounts payable automation, software-enabled corporate cards, and simplified employee expense reimbursements. Airbase administers consistent approval workflows across all areas, automates accounting, and provides real-time reporting for non-payroll spending. Airbase permits employees with a uniform approach to spending money, whether that involves corporate card spend, raising a PO, or requesting reimbursement. Airbase lets accounts payable teams manage every dollar spent. On one platform, companies can track expense requests and approvals, manage recurring subscription fees, process invoices, make bill payments, and more – as well as reconcile all accounting back to the general ledger.
About Silicon Valley Bank
Founded in 1983 by Bill Biggerstaff and Robert Medearis, SVB extends a full range of financial services and expertise to firms of all sizes in innovation centres worldwide. SVB is recognized as one of the world’s best employers by Forbes and is a member of the Bloomberg Gender-Equality Index. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group.
What the Airbase team has to say:
“As more financial institutions focus on strengthening their digital offerings, it’s essential that they choose the right technology partners,” says Thejo Kote, Founder and CEO at Airbase. “We are excited to launch this strategic partnership with SVB. All businesses deserve best-in-class financial products that seamlessly combine their spend management workflows and payments.
“Thousands of businesses already use SVB for their business cards, and with this partnership — our first of this kind — we’re opening up the power of the Airbase platform to them.
“The power of the combination of Airbase and SVB is that our joint customers can now manage all their non-payroll spending in one place — SVB cards, bills, reimbursements — with robust approvals, AP automation, and real-time reporting on the state of spend in their businesses.”
What the SVB team has to say:
Jon Oakes, Managing Director of Card Products at SVB, says, “We are focused on providing our clients with the best tools and processes to help them run their businesses. Through Airbase’s robust spend management platform and SVB’s business credit cards designed for innovators, we will enable our clients to increase control and visibility while simplifying and automating workflows.”
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