This morning, Center, a software company that modernizes expense management, announced the successful completion of a $30 million Series C financing. The Series C round of funding will be used to accelerate innovation, broaden distribution, and drive profitability for the company as a whole. Center announced the series A round just a couple of days after the launch of its integrated travel and expense management product, reinforcing its mission to transform spend management through a card-first approach, usage-based pricing model, and a broader product portfolio.. In the past year, the business has grown by 64%, with a year-over-year growth of +64% in customers
In the past year, the business has grown by 64%, with a year-over-year growth of +64% in customers
As a result of inflation and the rise in business travel, streamlining and reducing corporate spend remains a top priority for businesses in the midst of rising inflation and rising business travel costs. With Center's card-first approach, employees have complete visibility and control over their spending, eliminating the need for multiple expense systems at the workplace and enabling better management of decentralized purchasing systems. In order to make the most of its infusion of capital, the Center will continue to develop new features and capabilities aimed at addressing the pain points of rigid 'one-size-fits-all' expense management and the integration of travel and expense systems
In order to make the most of its infusion of capital, the Center will continue to develop new features and capabilities aimed at addressing the pain points of rigid 'one-size-fits-all' expense management and the integration of travel and expense systems
In terms of innovation, one of the key areas will be the creation of an open platform aimed at both vertical software developers and financial institutions at the same time. With the help of the company's client libraries and APIs, third parties will be able to incorporate card and expense management capabilities into their existing workflows. An EY report highlights the value of intelligent integration, noting that organizations can lower their payment processing costs and gain visibility by consolidating the types of payments that they accept. It has been proven that the use of purchasing cards (p-cards) and corporate cards provides more control over small amounts of spending when data is captured within integrated environments, resulting in significant cost savings in the travel and expense categories of up to 17%.
It has been proven that the use of purchasing cards (p-cards) and corporate cards provides more control over small amounts of spending when data is captured within integrated environments, resulting in significant cost savings in the travel and expense categories of up to 17%.
In our opinion, it is very likely that the ability to integrate a payments platform with other software packages will not only become a top priority for customers across industries, but it will also evolve into the most vital differential factor in terms of payments," said Naveen Singh, CEO of CenterPay.. By opening up our platform and creating an ecosystem that can be deeply integrated, customized, and embedded natively into existing web applications as well as mobile applications, we are able to provide value to corporations, partners, and financial institutions alike.. The next frontier of expense management innovation is a fully integrated approach, which we see as the next frontier of innovation
The next frontier of expense management innovation is a fully integrated approach, which we see as the next frontier of innovation
Garth Timoll, Managing Director at Top Tier Capital, stated that Center's enriched technology portfolio underscores the company's vision of providing a seamless, end-to-end expense management process from sales to deployment. The card-first approach that they take is redefining effective expense management for the modern era, and we are thrilled to be able to support their growth in this next phase as evidenced by their continued growth and continuous business momentum.
Our investment is a reflection of our belief in Center's vision to build a modernized expense management experience, and it confirms our commitment to this partnership with our additional investment," said Henry Ellenbogen, Managing Partner and Chief Investment Officer at Durable Capital Partners LP.. Center's focus on expanding their tech stack and offering plug-and-play solutions creates greater value for existing customers and opens up a number of entry points into the market, allowing us to serve a broader range of customers in the future
Center's focus on expanding their tech stack and offering plug-and-play solutions creates greater value for existing customers and opens up a number of entry points into the market, allowing us to serve a broader range of customers in the future
Founded in 1997, CenterCenter is a software company that provides a comprehensive solution to manage corporate cards, travel, and employee expenses with one integrated system. With our corporate card and connected software, businesses can gain real-time visibility into all employee spending, automate traditional accounting and expensing processes, simplify the booking of travel, and provide finance teams with the controls and data they need to make smarter decisions.. Our card-first experience offers a self-service configurability with first-class deployment to ensure customer success, as well as a usage-based business model that requires no upfront investment. The Center is a privately held company headquartered in Bellevue, WA with team members scattered across the country. Visit the GetCenter website for more information about this program.com
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The Center, a software company dedicated to modernizing the expense management process, recently announced the integration of travel into their core real-time expense management solution.
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