Brex Launches Financial Software to Speed Business Efficiency

Business FinTech firm Brex has introduced a software platform designed to increase the speed of businesses, the San Francisco-based firm announced Wednesday (April 13).

The company said the Brex Empower platform was developed to be a foundation for the company’s products, starting with a new spend management product.

Since the pandemic, businesses have forfeited the traditional model of top-down management in favor of empowering teams to make the right decisions, which has the potential to speed the pace of business. According to the release, delivery firm DoorDash selected the platform to increase the speed of its company, which has over 9,000 distributed employees.

“Brex understands uniquely that to compete, you have to be prepared to move very fast,” Michael Kim, vice president of finance at DoorDash, said in a statement. “We wanted to empower our employees to make decisions on their own and move fast … with the right level of compliance and control.”

Brex said its Empower platform allows companies to move faster, and it also allows firms to use a “trust and verify” model with their employees to take quick action, increasing accountability while remaining compliant.

The feature eliminates the need to collect receipts by leveraging data from credit card platforms and other partners. Brex collects receipts instead of asking employees to track them.

Under the trust and verify model, managers can create and request budgets for trips, vendors and stipends with defined expense policies. Since employees know how much can be spent under each budget, it eliminates the need for approvals on each expense, Brex said.

In February, Brex introduced a set of features for mobile cash flow management for startup founders.

See also: Brex Debuts Mobile Cash Flow Management Tools

Brex’s mobile app allows for up to eight accounts to be created, including payroll, marketing and taxes, all of which are funded through direct deposit or cash moved between accounts instantly. This will allow for more visibility and control over funds, the company said.