Basware Celebrates 40 Years of Invoice Automation Innovation While Managing $10.1 Trillion in Spend

Basware's Remarkable 40-Year Journey in Invoice Automation

In 2025, Basware proudly marks its 40th anniversary as a pioneer in invoice automation, having successfully processed over two billion invoices and managed an astounding $10.1 trillion in spending through its innovative platform. This impressive figure surpasses the combined economic output of the United Kingdom, Japan, and Australia, underscoring the company’s significant impact on financial efficiency and compliance across the globe.

Celebrating Milestones

The year 2024 saw Basware achieve several significant milestones, including the processing of more than 230 million invoices under the Invoice Lifecycle Management (ILM) framework. Basware has emphasized compliance, enhancing its expertise by hiring a Head of Compliance and being recognized as a leader in The Forrester Wave™ Accounts Payable Invoice Automation report for Q3 2024.

One of the notable highlights of the past year was the measurable ROI delivered through its AI capabilities for enterprise customers including major players like Billerud. The growing demand for electronic invoicing highlights the pain points most companies face, such as rising costs, lengthy processing times, and human errors that stem from traditional paper invoicing methods. Remarkably, nearly half of all invoices still remain on paper, making automation solutions more essential than ever.

Addressing Challenges with Innovative Solutions

Compliance has emerged as a critical concern for finance leaders, with many CFOs identifying it as their primary barrier to operational effectiveness. Non-compliance can lead to significant financial repercussions, including fines and legal actions. In fact, a staggering 68% of businesses reported invoice errors exceeding 1% of their total volume. Through its strategic partner-first approach, including collaborations with world-renowned firms like KPMG, Deloitte, and Accenture, Basware is driving innovation and expanding customer success in Invoice Lifecycle Management.

The acquisition of AP Matching in 2024 significantly advanced Basware's capabilities in ensuring financial record accuracy for clients and their suppliers, thus promoting wider automation within the accounts payable function. The company has skillfully streamlined the invoice submission process, allowing clients to accept invoices in various formats—PDF, email, or traditional paper—while transforming these submissions into electronic data.

Expanding Global Footprint

Having expanded its customer base to over 6,500—1,100 of which are dedicated to accounts payable—Basware processed 11% (approximately 230 million) of its total invoice volume in just one year. CEO Jason Kurtz articulated the significance of this journey, stating that the company began with the mission of revolutionizing the way businesses manage their invoices.