New York-based spend administration platform Prolong has secured $20 million in mixed debt and fairness funding.
The fairness funding was led by B Capital and featured participation from March Capital, Point72 Ventures, FinTech Collective, and Commerce Ventures.
Prolong made its Finovate debut at FinovateSpring 2019 in San Francisco, California.
Spend and expense administration platform Prolong has raised $20 million in funding. The quantity contains new enterprise debt and an fairness funding led by B Capital. Additionally taking part within the fairness aspect of the deal had been March Capital, Point72 Ventures, FinTech Collective, and new investor Commerce Ventures.
“We simply took one other step towards reshaping how companies handle spend and bills: We secured $20 million in new funding and welcomed Francois Horikawa as our CFO,” the corporate famous on its LinkedIn web page. “Finance groups deserve fashionable instruments layered onto their present financial institution card applications. This funding will assist us do this by strengthening our issuer partnerships and accelerating the supply of recent spend and expense administration options to higher serve companies.”
Prolong affords companies the flexibility to manage and handle spending with the corporate bank card they already use. Prolong’s platform permits firms to create each commonplace and recurring digital playing cards and handle them from both the Prolong cell app or its web-based platform. The digital playing cards include configurable spend controls corresponding to card limits and expiration dates. The platform additionally can be utilized to create visitor playing cards to ship on to distributors and contractors that shouldn’t have Prolong accounts. The agency is presently implementing options that leverage automation to handle approvals, seize receipts, and reconcile bills.
“This funding represents a pivotal second for Prolong as we speed up our path to profitability and launch our paid SaaS providing,” Prolong CEO and Co-Founder Andrew Jamison stated. “With sturdy backing from B Capital and our investor group, we’re constructing a complete spend and expense administration platform whereas sustaining our concentrate on capital effectivity and deepening {our relationships} throughout the banking ecosystem.”
Prolong’s funding announcement arrived on the identical time that the agency launched new Chief Monetary Officer Francois Horikawa. Horikawa was beforehand Head of Finance for PayPal’s Shopper enterprise division, which incorporates Venmo, P2P, Playing cards, and Small Enterprise Lending. In his new function as CFO, he will probably be charged with serving to Prolong obtain operational excellence and sustainable profitability.
“I joined Prolong nearly accidentally,” Horikawa wrote on LinkedIn this week. “I knew one of many co-founders and some people from American Categorical. Few months in, individuals are tremendous good, the tradition is nice, and I’m excited concerning the product!”
Based in 2017, Prolong made its Finovate debut at FinovateSpring 2019 in San Francisco, California. Within the years since then, the New York-based fintech has grown into an out-of-the-box digital card issuing platform with greater than 10,000 enterprise prospects. The corporate’s know-how has helped its prospects transfer between 26% and 40% of their spending to digital playing cards, and greater than a dozen main banks in each the US and Canada are utilizing Prolong’s know-how. Prolong is presently pursuing strategic integrations on the high 10 banks and with a variety of smaller issuers.
Photograph by Pixabay
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