Stamp, a SaaS company that streamlines business invoice management, announced the launch of Stampli Card.
The idea here is that some companies engage with vendors who only accept or prefer to accept credit card payments. This can lead to something Stampli calls “phantom spending”. When a business pays a vendor through ACH or by check or even through a third-party payment service, there are usually pretty strict rules and procedures on how those invoices and payments are processed.
When a supplier requests payment on credit, it can be waived. It can end up on an employee’s corporate card or whatever without the same rigorous processes, causing the system to crash.
With Stampli Card, accounts payable or other departments within the organization can create a digital card with a set limit, expiration date, etc. to pay the seller without abandoning the system already in place. For example, accounts payable can issue, limit, suspend, or cancel cards at any time, as well as control who is authorized to make the purchase, spending limits, and how often the card is used. AP can even predefine payment fields, such as GL coding or vendor.
Once used, Stampli Card transactions are automatically captured and processed like other invoices, and the cardholder is prompted to upload supporting documents, such as a receipt.
For now, Stampli Card is fully digital, but the company plans to offer a physical card soon.
The Stampli Card is built on top of the Stampli platform, which integrates all payments into one system. Whether organizations pay by ACH, check, direct payment (which the company launched this year), or card, it all goes through Stampli’s software to help payables manage the company’s finances.
In May, Stampli raised a $ 50 million Series C led by Insight Partners. At the time, the company had a transaction volume of $ 20 billion on the platform, with around 1,000 customers. Today, Stampli has approximately 1,200 customers and records a volume of transactions of $ 26 billion through these customers.
The company raised just under $ 85 million.
“The biggest challenge for a company like Stampli is that we scale very quickly,” said CEO Eyal Feldman. “We want to make sure we keep the same values and the same customer-centric approach, which works really well for us. This is what keeps me awake at night – how to bring in the right people and how to change the processes to ensure that our clients continue to have the same intimate relationship with us as a business, even as we go. as we grow.