Benzinga | Oct 6, 2021 09:10AM EDT

Airbase Partners With Silicon Valley Bank To 'Offer Comprehensive Spend Management Platform To SVB Business Cardholders;' Terms Not Disclosed

Airbase,the only comprehensive spend management platform available for small and mid-market companies, has today announced a partnership with Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors. SVB's business cards can now be used with Airbase's spend management software through an API integration, which automates accounting and spend approval workflows.

SVB business credit cards are designed for innovative companies and investors of all stages to manage their financial needs as they scale their businesses. Airbase's sophisticated software capabilities provide companies with excellent card spending control and the ability to transmit transaction details for booking to their general ledgers automatically. SVB business credit card customers will also benefit from Airbase's accounts payable and employee expense reimbursement capabilities.

"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."

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."

Silicon Valley Bank clients not currently using Airbase can sign up to use the Airbase spend management solution right away. New Airbase customers can choose between using Airbase or SVB business cards upon onboarding.