Stampli Card, a SaaS-based company that simplifies corporate invoice management has been launched by Stampli.
This is where the idea comes in that vendors only accept credit card payments or prefer to take them. This can lead to what Stampli calls shadow spend. Vendors who only accept credit card payments or prefer to accept them, are subject to strict rules regarding how invoices and payments will be handled.
It is possible for vendors to ask for payment in advance. It could end up on an employee's corporate card, or another without following the same strict processes. This can lead to a system breakdown.
Stampli Card allows accounts payable and other departments to create digital cards with a limit, expiration date, and so on. To pay the vendor, without affecting the existing system. Accounts Payable, for example, can limit, suspend, or cancel cards at any moment. It can also control who can make purchases, spend limits, and how often they can be used. AP can pre-define payment fields, such as vendor or GL-coding.
Once the Stampli Card transaction has been used, it is automatically captured and processed like any other invoice. The cardholder is reminded that they must upload supporting documentation such as a receipt.
Stampli Card is currently digital only, but the company plans to soon offer a physical card.
Stampli Card is built upon the Stampli platform which integrates all payments in one system. Stamplis software helps accounts payable manage company finances.
Insight Partners led a $50 million Series C for Stampli in May. The company saw $20 billion in transactions on the platform at the time and had around 1000 customers. Stampli today has approximately 1,200 customers, and sees $26 billion in transaction volumes via these customers.
The company raised just $85 million.
Eyal Feldman, CEO of Stampli, stated that the biggest problem for companies like Stampli is their rapid growth. We want to keep the same values and customer-centric approach that has worked so well for us. This is what keeps you up at night, figuring out how to get the right people in place and changing the processes to ensure that customers have the same intimate relationship we have with them as ever.
