Enterprise card and spending platform provider Center 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 his system in 2017 and launched a new combined payment and spending platform in 2020. The company, which targets the small and medium-sized business segment, announced in late August that its customer base had tripled year-over-year and claimed a retention rate of 94% for the year. Some of the industry verticals that make up the largest share of its customer base include professional services, construction, consumer services, and nonprofits.
The latest funding round, raised from existing investors, 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 that the company will “partner closely with customers to deeply understand their spend management needs, delivering long-term value. that unlocks new levels of productivity in organizational processes”.
Center also announced that Clear co-founder and president Ken Cornick has joined its board of directors.