Center has found a formula for its expense software business, offering a corporate credit card with a real-time analytics platform used by more than 1,000 middle-market companies.
Now the Seattle-area startup is exploring new ways to grow by building APIs and potentially partnering with banks.
A fresh $30 million investment announced Tuesday will help support those plans for the Bellevue, Wash.-based company. The Series C round, which includes participation from Top Tier Capital and Durable Capital Partners, brings total funding for the 6-year-old company to $140 million.
GeekWire previously reported on the funding last week after spotting a SEC filing.
In an interview on Monday, Center CEO Naveen Singh provided more details about the company’s roadmap.
Center has grown its customer base by 64% year-over-year and more than doubled revenue.
The company plans to continue to add new features to its core expense management platform, such as the travel integration it rolled out in October.
Center also wants to offer APIs to let third-party partners integrate its expense software capabilities into their own applications.
“We really see that as a big frontier of innovation for the business,” Singh said.
Singh said the company is targeting industry-specific software providers. It’s also talking with several banks that are looking to deepen relationships with their corporate customers. Offering expense management is one way to do so, Singh said.
Center competes with a number of companies in the expense sector, including Brex, which was valued at more than $12 billion this year, as well as Navan and incumbents like Egencia and Concur.
Singh said Center is testing various AI-related ideas. He sees untapped opportunity in using AI to automate analytics around corporate spending.
Singh said the company isn’t seeing any material slowdown in corporate spending. He noted that CFOs are paying close attention to financial discipline so their companies can adapt to any changes in the macro environment — which ends up being a tailwind for Center.
The startup has several former Concur execs on its team, and the company’s chairman is Concur CEO and co-founder Steve Singh — who is Naveen Singh’s father.
Center is not yet profitable. The company has 175 employees, with offices in Bellevue and Minneapolis.
Source: Geek Wire
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