Basware

Based in Finland, Basware offers an AI- and ML-based AP automation solution that covers the process from invoice receipt to automated matching and coding. The platform can automate both PO and non-PO invoices (especially for recurring expenses such as rent and utility charges) using custom spend plans and approval workflows (Basware claims payment authorization speeds can be improved by as much as 30x). The platform also provides a dashboard to deliver spend visibility and provides actionable insights for businesses to optimize spend.

The company offers AI-based “SmartPDF” technology (with self validation) that can extract data from PDF invoices (reportedly over 97% accuracy) and create e-invoices, even for exception invoices (thereby automating the exception invoice handling as well). Basware also operates an open e-invoicing network to interact and collaborate with suppliers. As of August 2023, the network had over 2 million buyers and suppliers. In October 2024, Basware  launched Basware Insights, an analytics platform powered by GenAI.  In April 2024, Basware introduced an AI-based "AP Protect" designed to guard businesses against financial losses from invoice errors and fraudulent activities.

The Basware platform can be integrated with over 250 ERPs, including SAP, Oracle, and Microsoft, and can even support a combination of ERPs. 

In August 2023, the company announced  the acquisition of Glantus for GBP 17.8 million (USD 22.6 million; completed in October 2023) to combine its AP automation with Glantus’ specialist audit recovery and fraud prevention software to provide customers with end-to-end coverage across invoice processing and capital management. In May 2024 , Basware acquired AP Matching, a UK-based cloud solution provider, to streamline invoice processing and statement reconciliation.

Key customers and partnerships

Basware reportedly automated over 170 million invoices per annum and had “thousands” of customers as of August 2023. Its customers spanned  several industries including automotive, healthcare, education, food and beverages, and manufacturing, among others. Among its customers were large, global companies such as Toyota, Carlsberg, Heineken, McDonald’s, and ABB. 

In November 2023, Basware partnered with Microsoft and Zure to unveil AskMary. This GenAI tool, powered by Microsoft Azure OpenAI ChatGPT, aids Basware's customer support in crafting responses.