“Can a best-in-class spend management platform for mid-market companies become the non-payroll financial OS when embedded within a dominant HCM provider?”
Founded in 2016 as a spend management platform targeting mid-market companies, Airbase differentiated itself from pure-play card issuers like Brex by building an all-in-one procure-to-pay suite covering corporate cards, bill payments, purchase orders, and expense reimbursements with deep accounting automation. The 2022 Goldman Sachs credit facility signaled a move toward becoming a balance-sheet-backed card program rather than just a software layer. The 2024 acquisition by Paylocity for $361M completed a strategic pivot toward being the non-payroll finance layer of a broader HCM platform, positioning Airbase as 'Paylocity for Finance' — unifying payroll and spend management on one platform for mid-market businesses.
Airbase discloses Sutton Bank as its banking provider, according to the Embedded Finance Index 2026.
Airbase does not disclose a bank charter of its own; its banking services are provided through Sutton Bank.
Airbase integrates with QuickBooks Online and Sage Intacct.
The Embedded Finance Index 2026 maps 3 layers in Airbase's stack: Banking / BaaS (Sutton Bank); Sponsor bank (Sutton Bank); Accounting (QuickBooks Online and Sage Intacct).
Airbase was founded by Thejo Kote and is founded in 2016, headquartered in San Francisco, CA, USA.
Airbase has raised $~120M (equity) + $150M credit facility in total (latest round: M&A (acquired by Paylocity, 2024); valuation: $361M acquisition price (2024)).
Get a read on where your own stack stands against Airbase and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.