Airbase Partners with Silicon Valley Bank to Offer its Comprehensive Spend Management Platform to SVB Business Cardholders

Rhea-AI Summary

Airbase has announced a partnership with Silicon Valley Bank (SIVB) to integrate SVB business credit cards with Airbase's spend management platform. This API integration enables automated accounting and spend approval workflows, enhancing financial management for innovative companies. SVB cardholders can now utilize Airbase's comprehensive spend management features, including accounts payable automation and employee expense reimbursements. This strategic collaboration aims to streamline and optimize financial processes, providing clients with greater visibility and control over their non-payroll spending.

Positive

• Partnership with Airbase enhances SVB's credit card offerings with comprehensive spend management capabilities.
• Integration allows automated accounting and spend approval workflows, enhancing operational efficiency.
• SVB cardholders gain access to improved accounts payable and expense reimbursement features.

Negative

• None.

SAN FRANCISCO--(BUSINESS WIRE)-- 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.

About Airbase

Airbase is the only comprehensive spend management platform for small and mid-market companies. It combines all-inclusive accounts payable automation, software-enabled corporate cards, and simplified employee expense reimbursements. Airbase applies consistent approval workflows across all areas, automates accounting, and provides real-time reporting for all non-payroll spend. Innovative accounting automation results in a faster close, better visibility, and true control. Most companies rely on a combination of siloed software products, spreadsheets, and manual workarounds to pay vendors and reimburse employees. Airbase eliminates the resulting messy tech-stack and inefficient processes by replacing products like Expensify and Bill.com. Airbase empowers employees with a uniform approach to spending money, whether that involves corporate card spend, raising a PO, or requesting reimbursement.
www.airbase.com | press@airbase.io

Airbase also hosts “Off the Ledger”, a Slack community for over 2,500 finance professionals that’s a private space for networking, advice, and members-only events. Finance professionals only can apply for membership at: https://www.airbase.com/off-the-ledger-finance-and-accounting-slack-group

About Silicon Valley Bank

For nearly 40 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international, and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.

Airbase is an independent third party and is not affiliated with SVB Financial Group. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW, and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).

New Corporate and Business Card programs are subject to credit approval. For complete details about the SVB Corporate or Business Card, including applicable fees and terms and conditions of the Card program, please see the SVB Corporate or Business Card Terms and Conditions for full program details. All credit products and loans are subject to underwriting, credit, and collateral approval. All information contained herein is for informational and reference purposes only and no guarantee is expressed or implied. Rates, terms, programs, and underwriting policies are subject to change without notice. This is not a commitment to lend. Certain terms, conditions, exclusions, and limitations apply, including a limit on cash advance capabilities.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211006005083/en/

For further press information, please contact:

Darragh Collins, Airbase at: press@airbase.io / +1 604 671 4515

Eileen Nolan, SVB at enolan@svb.com

Source: Airbase

FAQ

What is the recent partnership announcement involving SIVB?

Airbase announced a partnership with Silicon Valley Bank (SIVB) to integrate SVB business credit cards with Airbase's spend management software.

How does the Airbase and SIVB integration benefit customers?

The integration provides SVB business card customers with automated accounting, spend approval workflows, and enhanced visibility over non-payroll spending.

What features does the Airbase platform offer to SIVB clients?

Airbase offers accounts payable automation, employee expense reimbursements, and robust spend management controls for SVB clients.

What are the implications of the Airbase partnership for SIVB's business card users?

SIVB card users can now manage all non-payroll spending in one platform, improving efficiency and simplifying financial processes.