Basware Celebrates 40 Years of Innovation, Managing Over $10.1 Trillion in Global Business Transactions
CHARLOTTE, N.C., February 14, 2025 – Basware, a pioneer in invoice automation and financial technology, marks its 40th anniversary with a monumental achievement—processing more than two billion invoices and managing an astounding $10.1 trillion in business transactions. This staggering figure surpasses the combined GDP of the UK, Japan, and Australia, highlighting Basware’s pivotal role in transforming financial operations worldwide.
Advancing Invoice Automation with AI and Strategic Partnerships
As businesses continue to transition from manual invoicing to digital solutions, Basware has solidified its position as a leader in Invoice Lifecycle Management (ILM) by integrating AI-driven automation into its platform. Over the past year, the company has:
*Processed 230 million invoices through its ILM system
*Strengthened compliance expertise with key executive hires
*Earned industry recognition, being named a Leader in The Forrester Wave™: Accounts Payable Invoice Automation, Q3 2024
*Delivered measurable ROI for enterprise clients, such as Billerud, through AI-powered solutions
Despite advancements in automation, businesses still face major challenges. A staggering 49.7% of enterprise invoices are still processed manually, leading to inefficiencies, increased costs, and heightened risks of errors. Compliance remains a significant concern, with 28% of CFOs citing it as their biggest challenge. The cost of non-compliance can be severe, as 68% of businesses report invoice errors affecting at least 1% of their total volume, potentially resulting in millions of dollars in financial losses.
Strategic Acquisitions and Expanding Global Reach
In response to growing demand, Basware has deepened its industry partnerships, collaborating with KPMG, Deloitte, and Accenture to drive innovation and improve customer success. In 2024, the company acquired AP Matching, enhancing statement-matching capabilities to improve financial accuracy and support broader AP automation efforts.
Basware’s end-to-end invoice processing solution now streamlines data capture from multiple formats—PDFs, emails, and paper invoices—converting them into structured electronic data. This ensures seamless integration with ERP systems, mitigates risks of late payments, and enhances overall financial transparency.
Global Growth and a Vision for the Future
With a strong presence in 16 countries, Basware has expanded its customer base to over 6,500 businesses, including 1,100 AP customers. In just one year, the company processed 11% (230 million) of its total two billion invoices, reinforcing its influence in global financial automation.
Reflecting on Basware’s journey, CEO Jason Kurtz stated:
“Basware was founded in Finland 40 years ago with a clear purpose: to help businesses take control of their invoicing processes. Today, we’ve processed over 2 billion invoices globally, and we are only getting started.”
Looking ahead, Basware remains committed to enhancing fraud prevention, strengthening compliance, and promoting sustainability. Recent innovations such as CFO Cockpit and AP Protect aim to tackle fraud detection and financial security, with AP Protect saving customers an average of $1 million per $1 billion spent.
To further accelerate its innovation strategy, Basware has expanded its leadership team, bringing on:
*Markus Hornburg as Head of Global Compliance
*Anssi Ruokonen as Director of AI Research
*Donna Wilczek, who has joined the Board of Directors to drive product innovation
As Basware enters its next decade, its focus remains on advancing invoice automation, expanding global partnerships, and embedding sustainability into its operations—all while continuing to redefine the future of financial technology.
For more information on Basware’s initiatives and solutions, visit Basware.com.
