In a significant move for the accounts payable (AP) industry, SpendLab, a leader in AI-enabled auditing and recovery platforms, has announced a transformative partnership with Story Capital through a strategic majority investment. This collaboration is set to propel SpendLab’s mission to revolutionize AP management for global enterprises and the public sector, leveraging its advanced technology solutions.

For decades, SpendLab has been at the forefront of the AP sector, utilizing more than 450 algorithms and proprietary AI models to identify and rectify payment inaccuracies within AP processes, VAT, and vendor balance reconciliation. Having analyzed over 1 billion customer invoices and recovered more than €500 million for clients across diverse sectors—including technology, consumer goods, healthcare, finance, automotive, and the public sector—SpendLab has established a new standard in the industry. Its blend of proprietary technology and in-house expertise ensures clients enjoy superior savings with unparalleled speed and accuracy.

The strategic investment from Story Capital, known for its focus on technology transformation, promises to fast-track SpendLab’s product development, global expansion, and team growth, solidifying its position as a leader in the AP audit and recovery space.

Sebastian Morales, the newly appointed CEO of SpendLab, expressed his enthusiasm for the partnership, highlighting it as a historic milestone and a testament to their shared commitment to delivering exceptional efficiency and savings to global clients. Jos Houben, Founder of SpendLab, praised Story Capital’s unique blend of entrepreneurial experience, technological expertise, and shared vision, affirming the partnership’s dedication to innovation and excellence in the AP arena.

Shuo Zheng, General Partner at Story Capital, lauded SpendLab as a model of innovation and leadership within the accounts payable category, emphasizing Story’s support for SpendLab’s journey towards becoming a global technology powerhouse.

SpendLab’s status as the premier AI-enabled accounts payable auditing and recovery platform is reinforced by its service to over 40 industries worldwide, combining cutting-edge AI technology with unmatched expertise for customer success. Story Capital, with its mission to build enduring technology enterprises, partners with growth-oriented companies to facilitate step-function changes through technology transformation. This investment is a pivotal step towards accelerating growth and expanding profitability for both entities and their customers.

  accounts payable, Sebastian Morales, Shuo Zheng, SpendLab, Story Capital