Payment/Expense Platform Center Adds $15M in Funding

Corporate card and expense platform provider Center has raised $15 million in its latest funding round, bringing its total funding to more than $110 million, the software company announced Wednesday.

Co-founded by Concur co-founder Steve Singh, Center unveiled its system in 2017 and launched a new combined payment and expense platform in 2020. The company, which targets the small and midsize customer segment, in late August announced that its customer base had tripled year over year, and it claimed a retention rate of 94 percent for the year. Among the verticals making up the largest share of its customer base are professional services, construction, consumer services and nonprofit companies.

The latest funding round, raised from existing onvestors, will be used to expand product offerings and scale Center’s business, according to the company. Co-founder and CEO Naveen Singh, Steve Singh’s son, said in a statement the company would be “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 also announced that Clear co-founder and president Ken Cornick has joined its board of directors.

Michael B. Baker www.businesstravelnews.com