Airbase Announces Global Expense Management And AI Innovation

Leading procure-to-pay platform offers touchless expense reports and enhanced international payment capabilities.

San Francisco, CA, November 14th, 2023 — Airbase, the leading procure-to-pay platform for mid-market and early-enterprise companies, today announces the first touchless expense report creation experience made possible by advances in generative AI. This transformation in expense management reflects Airbase’s commitment to an intuitive and streamlined user experience while also addressing the complexities of modern financial operations. 

Airbase expense management frees employees and accounting teams from the time-consuming drudgery of manually submitting expense reports and processing reimbursements. For businesses that support global operations and remote workers, Airbase expense management helps ensure compliance and faster reimbursements to employee bank accounts globally. 

“To solve the complex problems of global payments and expense compliance, we rely on the most advanced and trusted technologies. We’ve long used AI-like machine learning and OCR technology in our product and are increasingly adding generative AI — in this case, it’s to improve the process of expense reporting. Until now, employees have faced tedious tasks and accounting teams waste time chasing receipts and transaction details needed to accurately book all expenses. Now Airbase fills out the expense report for the employee using a combination of ML and generative AI to populate required fields. This, along with automated approvals and international payment processing, results in an effortless experience for everyone.”

– Thejo Kote, Founder and CEO of Airbase.

New features announced:

• Airbase AI-driven expense management experience: Airbase uses generative AI and ML to automatically extract the details of each receipt, including generating the expense reason and details in the memo field.
  
• Airbase global reach and support: Airbase now offers reimbursements across 46 countries and payments in 34 different currencies. The platform’s existing TravelPerk integration further enhances its international capabilities, ensuring seamless travel bookings and expense management for businesses operating on a global scale.

Explore these new features in our self-guided Expense Management interactive demo. 

Redefining the procure-to-pay landscape with advanced AI integration.

Airbase has recognized generative AI’s power to create a better user experience and has seized the opportunity to bring that value to its users.

“It’s truly commendable to witness Airbase’s relentless pursuit of enhancing user experience. Their deployment of the latest technologies, especially generative AI, showcases their commitment to creating a frictionless environment for users. In an era where AI is often just a buzzword, Airbase stands out by genuinely leveraging it to make the user experience better. It’s a testament to what modern technology can achieve when applied thoughtfully.”

– Kevin Permenter, Research Director, Financial Applications at IDC.

Recent awards & recognition: Airbase is changing the way organizations manage their purchasing process, and recognition for its procure, pay, close approach continues to grow.

• November 2023, Airbase debuts at 45th nationally and 7th regionally at the Deloitte Technology Fast 500 
• October 2023, Airbase makes CB Insights’ Fintech 100 List 
• September 2023, IDC Innovators: Procurement Applications report, praising its “Guided Procurement” function
• Listed in Gartner’s Market Guide for Accounts Payable Invoice Automation Solutions, ranking among 150 global vendors

This recognition from esteemed industry analysts underscores Airbase’s dedication to pioneering advancements in spend management and procurement.