Airbase and Silicon Valley Bank team up on spend management platform
With B2B payments showing an intensive expansion post-pandemic, banks that are offering business payments are now partnering with spend management companies to offer a platform to clients which can be useful in payment integration with invoices, working capital and to scale up digital payment capabilities within organisations.
This week, US-based spend management platform company, Airbase has announced a partnership with Silicon Valley Bank. Under this partnership, Silicon Valley Bank’s business cards can be used with Airbase’s spend management software through an API integration, which automates accounting and spend approval workflows.
SVB in the press release noted that SVB business credit cards are ‘designed for innovative companies and investors of all stages to manage their financial needs as they scale their businesses’ and with Airbase’s software capabilities, it would provide with card spending controls and ability to transmit transaction details for booking to their general ledgers automatically.
The cardholders would also benefit from Airbase’s AP and employee expense reimbursement capabilities.
Thejo Kote, Founder and CEO at Airbase noted that with the combination of Airbase and SVB, customers can “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.”
While Managing Director of Card Products at SVB, Jon Oakes noted that this partnership, will enable “clients to increase control and visibility while simplifying and automating workflows”.
With this announcement, clients not using Airbase can sign up to use the Airbase spend management solution and new Airbase customers can choose between using Airbase or SVB business cards upon onboarding, as stated in the press note.
Airbase is a spend management platform for small and medium companies and it offers all-inclusive accounts payable automation, software-enabled corporate cards, and simplified employee expense reimbursements. The company has investors listed on its website such as Menlo Ventures, First Round, BainCapital Ventures, Box Group.
California-based Silicon Valley Bank has $84 billion of assets and provides services to commercial, international, and private banking clients.