Stampli, a SaaS company that streamlines corporate invoice management, has announced the launch of Stampli Card.
The idea here is that some corporations sign on with vendors who only accept, or prefer to accept, credit card payments. This can lead to something Stampli refers to as “shadow spend.” When a corporation pays a vendor through ACH or by check or even through a third-party payments service, there are usually pretty strict rules and procedures about how those invoices and payments are handled.
When a vendor asks for credit payment, that can get thrown off. It can end up on an employee’s corporate card or something else without the same stringent processes, leading to a breakdown in the system.
With Stampli Card, accounts payable or other departments within the organization can create a digital card with a set limit, expiration date, etc. to pay out the vendor without abandoning the system already set in place. For example, Accounts Payable can issue, limit, suspend or cancel cards at any time, as well as control who is authorized to make the purchase, spending limits and how often the card can be used. AP can even predefine fields of the payment, such as GL-coding or the vendor.
Once used, Stampli Card transactions are automatically captured and processed just like other invoices, and the cardholder is reminded to upload the supporting documentation, such as a receipt.
For now, Stampli Card is fully digital, but the company has plans to offer a physical card soon.
Stampli Card is built on top of the Stampli platform, which integrates all payments into a single system. Whether organizations are paying through ACH, check, direct pay (which the company launched this year) or card, everything goes through Stampli’s software to help accounts payable manage the finances of the company.
In May, Stampli raised a $50 million Series C led by Insight Partners. At the time, the company was seeing $20 billion in transaction volume on the platform, with around 1,000 customers. Today, Stampli has about 1,200 customers and is seeing $26 billion in transaction volume via those customers.
The company has raised just under $85 million.
“The biggest challenge for a company like Stampli is that we’re scaling really fast,” said CEO Eyal Feldman. “We want to make sure we keep the same values and customer-centric approach, which works really well for us. This is what keeps me up at night — how to bring in the right people and how to modify the processes in order to make sure that our customers continue to experience the same intimate relationship with us as a company, even as we grow.”
Source: New feed