Expense Management Software Company Center Raises Additional $15M in Series B Bringing Total Capital Raised to More Than $110M
CLEAR Co-Founder and President Ken Cornick Joins Board Amidst Rapid Adoption of Product Fueled by the Need for Businesses to Control Costs
SEATTLE, Oct. 26, 2022 /PRNewswire/ -- Center, a software company helping businesses gain visibility into and manage employee spending, today announced it has completed its series B funding round with an additional $15 million from existing investors. On the heels of funding, Center also appointed travel industry innovator and CLEAR Co-Founder and President, Ken Cornick, to its Board of Directors. Cornick joins fintech luminary and former Concur Founder and CEO Steve Singh, who currently serves as Executive Chairman and Co-Founder of Center. Fiscal discipline and intentional growth have enabled Center to garner and uphold positive business momentum, weathering the headwinds of economic uncertainty and a turbulent fundraising landscape.
"Transparency and timeliness of expenses are essential for leaders to make actionable decisions about their business," said Ken Cornick, Co-Founder and President of CLEAR. "Center delivers a modern tool that streamlines and automates the expense process, addressing the pain points of an underserved SME market wanting to tighten control of the bottom line. Center's success is demonstrated by strong adoption and retention, and I look forward to seeing the team continue to empower customers with innovative solutions for all of their expense management needs."
The closure of Center's B round brings its total funding to more than $110 million. The company's distinguished group of investors bring deep domain expertise and a shared vision of transforming spend management to be more connected, intelligent and efficient. As Center exceeds key customer and growth metrics, the investment will be used to scale the business; expanding product offerings, supporting the evolving needs of a growing SME customer base, and bolstering innovation in other areas of spend management.
"We embrace growth with discipline as the most sustainable business model," said Naveen Singh, CEO and Co-Founder of Center. "We're committed to closely partnering with customers to deeply understand their expense management needs, delivering long term value that unlocks new levels of productivity across organizational processes."
Center's core offering is Center Expense, an integrated corporate card and spend management tool which uses automation to capture spend as it happens, providing real-time visibility and flexible spend controls. With a usage-based model requiring no upfront or ongoing investment, Center is uniquely suited for growing businesses. Top verticals are established SMEs, including professional services, construction, consumer services, and nonprofits.
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