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Expense management software specialist Center has raised $30 million in a Series C round.
Top Tier Capital led the round while previous investor Durable Capital Partners also participated. Center has raised more than $140 million to date.
The company, which offers a card-based approach to expense management, plans to put the investment towards broadening its distribution and speeding up innovation through the development of new features to address friction for users.
One area Center is focused on is the creation of an open platform for software developers and financial institutions, enabling third parties to embed card and expense management features into existing processes.
Naveen Singh, CEO of Center, said, “We are confident that how a payments platform integrates with other software packages will not only become a top priority for customers across industries but will also evolve into the most crucial payments differentiator. Opening up our platform and creating an ecosystem that can be deeply integrated, customized and embedded natively inside of existing web and mobile applications provides value for the corporate customer, developer partners and financial institutions alike. We see a fully integrated approach as the next frontier of innovation for expense management.”
Earlier this year, Center announced the integration of travel into its expense solution with Spotnana named as the partner for travel booking, servicing and support.
Other specialists in corporate spend management have attracted investment in recent months. Ramp, a startup whose services include corporate cards, expense management and payments, announced $300 million in Series D funding earlier this year.
Lanes & Planes landed $35 million in Series B funding in October while Onfly, a Brazil-based corporate travel and expense management startup, raised $16 million in June.
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