Spendbase, a spend-management platform, has introduced new financial tools for expense control, specifically focusing on Digital Banking and Virtual Cards.

Enhanced Spend Management

By incorporating these new features, Spendbase aims to bolster its expenditure optimization services and venture into the realms of business finance and financial management. The objective is to help organizations manage their finances more efficiently, thus enabling them to save more.

Through Digital Banking, companies can significantly expedite the process of opening corporate bank accounts for both the European Union and the United Kingdom within a shorter timeframe. Sub-accounts can be created to cater specifically to different teams, projects, or individuals, enhancing financial control. Additionally, SEPA and Faster Payments facilitate swift transfers.

The Virtual Cards feature allows users to issue anywhere from one to 100 cards per organization while setting targeted spending limits for each card. Users may also benefit from an increased cashback of up to 1.5% and enhanced security through 3D Secure (3DS) technology.

Spendbase’s primary goal is to provide businesses with improved visibility and control over their corporate expenses. With the advent of these new functionalities, companies can monitor teams, accounts, and individual spending levels more effectively, optimizing every dollar spent.

Initially, Spendbase helped clients reduce costs primarily in software and cloud services. As it evolved, the platform expanded to include a comprehensive suite of expense management solutions covering the entire spend lifecycle from procurement to payment. A notable feature is its performance-based pricing model, where Spendbase charges 25% of the savings it helps businesses achieve. Typically, clients save four times more than what they pay, according to the company.

This development marks a significant step forward for the firm as it continues to innovate and add treasury management, payables automation, and accounting integrations to its offerings, positioning itself as a complete financial operating system.