Basware, the global leader in invoice automation, has marked its 40th anniversary, celebrating a significant milestone in its journey by processing more than 2 billion invoices globally. The company, which has handled over $10.1 trillion in business spend — surpassing the combined economic output of the UK, Japan, and Australia — continues to push forward with its vision of transforming the invoice lifecycle for businesses worldwide.
Founded in Finland, Basware started with a straightforward goal: to help businesses gain control over their invoicing processes. Today, the company’s platform stands at the forefront of Invoice Lifecycle Management, offering high-performance solutions that improve efficiency, reduce costs, and ensure compliance across the enterprise.
2024 has been a year of major achievements for Basware. The company processed more than 230 million invoices through its Invoice Lifecycle Management service over the past 12 months alone. It also strengthened its position in the sector by making strategic hires, including appointing a new Head of Compliance, and was recognised as a leader in The Forrester Wave™: Accounts Payable Invoice Automation, Q3 2024.
AI-driven solutions continue to be a cornerstone of Basware’s product development. Its GenAI-powered ‘CFO Cockpit’, launched in 2024, helps finance teams streamline and automate their accounts payable (AP) processes. The introduction of AP Protect, a fraud protection tool, allows Basware’s customers to save $1 million for every $1 billion spent, safeguarding financial transactions and reducing operational risks.
Basware’s commitment to reducing paper invoices has also seen success. Despite the global AP automation market being valued at $3.41 billion and expected to grow at a 12.8% compound annual growth rate through 2030, paper invoices still account for almost half (49.7%) of all invoices received by enterprises. The company’s solutions, including high-performance recyclable films and AI innovations, aim to address inefficiencies in manual processing while enhancing business compliance.
Compliance is a major issue for finance leaders, with 28% of CFOs citing it as their biggest barrier. Errors in invoice processing can lead to significant financial consequences. According to Basware, 68% of businesses report mistakes in more than 1% of their invoices, potentially costing millions in penalties, legal inquiries, and lost revenue.
Basware has also strengthened its relationships with key industry partners, including KPMG, Deloitte, and Accenture, to accelerate innovation in the AP automation space. This partner-first strategy has enabled Basware to expand its customer base, which now exceeds 6,500 clients across 16 countries.
In addition, Basware’s recent acquisition of AP Matching will enhance its statement matching capabilities, ensuring more accurate financial records for customers and their suppliers, and supporting broader automation across AP functions.
Jason Kurtz, CEO of Basware, reflected on the company’s evolution: “40 years ago, we set out with a simple mission — to transform how businesses handle invoices. Today, having processed over 2 billion invoices globally, we remain as committed as ever to advancing our solutions and driving sustainability in finance.”
Looking forward, Basware is set to continue developing its AI-powered solutions, focusing on e-invoicing compliance and regulatory changes. With major mandates on the horizon, Basware aims to deliver even greater ROI for its customers, ensuring that businesses can remain competitive in an increasingly digital and complex environment.
For more information on Basware’s solutions, visit their website at Basware.com.