Center,the Bellevue, Washington-based startup that makes expense management software, has raised $50 million in new funding, the company confirmed Tuesday.
The Series B round follows an undisclosed amount raised in a seed round and $7.5 million raised in a Series A.
The center is led by CEO Naveen Singh. His father, former Concur CEO and co-founder Steve Singh,is a founding investor and executive chairman.
“We are energized by the value we are delivering to our rapidly expanding customer base,” Naveen Singh told GeekWire. “We are making expense management solutions accessible to businesses of all sizes, and in time, across geographies.”
Center, which took off several years ago with a next-generation corporate credit card that featured a built-in touchscreen and battery, launched its expense management solution in February 2020.
Singh said Center has attracted a new lead investor, but was not providing additional investor information at this time.
“Our investors, along with our customers and partners, share our vision of how real-time software focused on the expense management market will dramatically improve the customer experience and deliver significantly better value than current solutions,” Singh said.
Steve Singh and his brother Raj Singh helped launch Concur in 1993. The travel expense giant was sold to SAP for $8.3 billion in 2014. Center is similar in that it offers employee expense management solutions, but the startup targets customers with 50 to 1,000 employees and a small finance team that can be bogged down by manual and inefficient expense processing tasks.
Naveen Singh said the new cash will be used to continue to grow the business.
Center now has more than 75 employees and is growing rapidly in Bellevue, Minneapolis and increasingly across the country.