Center, the Bellevue, Wash.-based startup that makes expense management software, has raised $50 million in new funding, the company confirmed Tuesday.
The Series B round follows an undisclosed amount raised in a seed round and $7.5 million raised in a Series A.
“We are energized by the value we are delivering to our rapidly expanding customer base,” Naveen Singh told Mekhato. “We are making spend management solutions accessible to companies of all sizes, and with time, across all geographies.”
Center, which got off the ground several years ago with a next-generation corporate credit card that featured a built-in touchscreen and battery, launched its expense management solution in February 2020.
Singh said Center has attracted a new lead investor but he was not providing additional information on investors at this time.
“Our investors, along with our customers and partners, all share our vision of how real-time software, focused on the spend management market, will dramatically improve the customer experience and deliver significantly better value than current solutions,” Singh said.
Steve Singh and his brother Raj Singh helped launch Concur in 1993. The travel expense giant sold to SAP for $8.3 billion in 2014. Center is similar in that it offer solutions for employee expense management, but the startup is targeting customers that have 50 to 1,000 employees and a small finance team that may be bogged down by manual, inefficient expense processing tasks.
Naveen Singh said the new cash will be used to continue to grow the business.
Center now has more than 75 employees and is growing quickly in Bellevue, Minneapolis and increasingly across the country.