With its reputation as a leader in invoice processing and accounts payable (AP) automation, Basware is a business that doesn't appear to be slowing down.

Bookings increased by 52% in 2023, recurring revenue increased year over year, and the company added more than 100 well-known companies.

Now, it appears like Basware will start a significant worldwide growth with the goal of increasing its presence in the US, Europe, and Asia-Pacific.

Reaching a new degree of effectiveness

For nearly 40 years, CFOs and their finance teams at major corporations like HP and Mercedes-Benz have benefited from the AI-enabled AP automation and invoice processing platform from Basware.

Businesses and the experts who work for them now have the means to handle bills automatically and cut down on processing time by automating labor-intensive and difficult processes.

In the end, Basware's platform lowers errors and hazards while helping the financial function reach a new level of efficiency in a couple of months.

Furthermore, in light of the growing expectations on financial teams for compliance, the company assists its clients in adhering to regulatory guidelines and e-invoicing specifications in certain global marketplaces.

Because Basware offers a special blend of deep experience, comprehensive coverage, and genuine automation across its service range, AP departments at thousands of businesses rely on it to manage over 220 million invoices annually.
Basware aims to expand on its prosperous year.
For Basware, the previous year was, to put it mildly, successful.

The company expanded its global reach to encompass areas including Southern Europe and APAC. In the process, it acquired Irish fintech Glantus, which specializes in accelerating real-time profitability, performance, and advancement inside AP organizations.
Basware in 2023 purchased the Irish fintech company Glantus. Image: Basware
After rebranding and concentrating on AP automation, Basware grew with over 100 well-known firms in 2023, including DHL Express and Alstom, and added to its global clientele of about 1,000 AP users.

A remarkable 97.4% of customers were retained by the company, and its platform processed invoice expenditure of US$900 billion.

In terms of hiring, Basware made a number of significant additions in 2023, one of which was the permanent appointment of Jason Kurtz as CEO to oversee the company's growth strategy.
As part of an effort to increase growth and value for customers throughout the sales and customer cycle, Steve Canning and Mark Johnston were appointed as Chief Revenue Officer and Chief Customer Success Officer, respectively.

Furthermore, based on user feedback, Basware was named a Gartner Peer Insights Customers' Choice for procure-to-pay suites.

"Our dedication to aiding the CFO's office remains a motivating factor for Basware's growth," says Kurtz.

"We had one of the best fiscal years in Basware's forty-year history last year, and the most fulfilling aspect of our achievements is the encouraging comments we've gotten from our clients.
The excellent feedback we receive about our improved customer experience, whether from Gartner's Peer Insights or from customers directly, makes us happy. However, we are confident that the best is still to come.

aspirational strategies for expansion
This year, Basware intends to make significant investments in client growth, AI innovation, compliance, and fraud prevention as it continues to expand throughout the US, Europe, and APAC countries.
Encouraged by Kevin Farrell's recent appointment as SVP, Business Development and Alliances, Basware has partnered with professional services firms, financial consultancies, and value-added resellers to develop a partner-first strategy that will spur innovation for finance teams at businesses.

The company is modernizing its e-learning and knowledge management systems to facilitate integrated knowledge flows throughout its partner ecosystem and organization in order to support this plan.

Another important component of Basware's growth ambitions for 2024 is its provision of services to guarantee compliance and avoid fraud. Through the acquisition of Glantus, the company increased the scope of its AI-powered overpayment and fraud detection capabilities, easing the burden on the more than 70% of firms who fall victim to invoice or payment fraud annually.
"Basware's 2024 focus is on helping enterprise businesses reach best practice levels in their finance processes and generate value by satisfying the constantly evolving regulatory requirements of financial teams," adds Kurtz.

"We are perfectly positioned to demonstrate the measurable business value of Basware's solutions with our partner-first approach, and our strategy continues in enabling all of our customers to be 100% touchless in their AP departments."