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  "docId": "019dd923-5f69-752d-a9b8-7cbfbcf00783",
  "docSlug": "Ukpqek5xVGkIGOodLocU",
  "documentTitle": "We got an exclusive look at the 'pitch memo' startup Airbase used to raise $60 million from execs at Okta;; Plaid;; and Carta",
  "authorId": "Pitchdecks",
  "authorName": "Airbase",
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  "notes": "This is a text-heavy introductory slide for a Series B memo.",
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      "kind": "callout",
      "text": "Airbase replaces multiple categories of tools typically used by mid-market businesses to manage non-payroll spend, with a single comprehensive platform.",
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      "kind": "list",
      "text": "Request and Approval Workflows: These happen via email, Slack, JIRA, Google Forms or through dedicated tools like Procurify\nCorporate Cards: Amex, banks (and newer offerings like Brex) are popular options\nExpense reimbursement: Expensify is a popular option\nAccounts Payable / Bill payments: Bill.com is the leading player in the mid-market",
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      "kind": "paragraph",
      "text": "Airbase replaces multiple categories of tools typically used by mid-market businesses to manage non-payroll spend, with a single comprehensive platform:",
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      "kind": "paragraph",
      "text": "The ecosystem of tools to solve non-payroll spend management evolved this way primarily because they are either front ends to specific payment rails used by businesses to pay their vendors (corporate cards for Visa / Mastercard / Amex, and Bill.com for ACH / check), or a specific business process (expense reimbursement).",
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      "kind": "paragraph",
      "text": "Every business spends money. A simple way to classify all the money spent by a business is into payroll and non-payroll dollars. Payroll spend is managed by the well-established category of payroll software. The non-payroll dollars include marketing spend, software subscriptions, T&E, employee engagement, and the number of other areas in which a typical business spends money. In mid-market businesses, managing the non-payroll dollars is incredibly painful because of the siloed and fragmented nature of the tools used. This is the problem Airbase solves.",
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      "kind": "source-note",
      "text": "1 Our definition of a mid-market business is one with 50-1000 employees.",
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      "kind": "title",
      "text": "Introduction",
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      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Problem",
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      "evidence": "Introduction to the problem and Airbase's solution",
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