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      <p>
        PayEm, a business expense and payout management platform, raised USD 220 million in funding, comprising a USD 200 million credit line and USD 20 million in Series A funding. The funding was provided by Viola Credit, Mitsubishi Financial Group, Collaborative Fund, Pitango First, NFX, LocalGlobe, and Glilot+, among others. PayEm&rsquo;s total funding (equity and debt) now amounts to USD 247 million. 
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      <p>
        The funds will be invested in expanding the company&rsquo;s card operations, serving large customers, and improving employee experience within its platform.&nbsp;
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  <p>
    <a href="https://techcrunch.com/2023/01/24/reimbursement-and-spend-management-platform-payem-secures-220m-in-equity-and-debt/">
      Tech Crunch
    </a>
  </p>
  <p>
    <a href="https://www.finsmes.com/2023/01/payem-raises-220m-in-equity-and-credit-financing.html">
      FinSMEs
    </a>
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Business Expense Management

PayEm raises USD 220 million in a mix of equity and debt funding

PROMINENT_CATEGORY

<div>
 <p>Monzo, a UK neobank, has launched Monzo Team, a subscription service for business clients. The service is available for GBP 25 per month and offers a three-month free trial period. It is aimed at simplifying the expense management process for businesses.</p>
 <p>The features of Monzo Team include transparent blue expense cards that enable businesses to store receipts, record the purpose of expenses, and save VAT information in the Monzo app. The plan also provides a feature allowing business owners to approve several payments at once. This augments existing functionalities like automated tax payments and compatibility with accounting platforms like Xero, Quickbooks, and FreeAgent.</p>
 
</div>

Monzo launches Monzo Team subscription plan for business customers to simplify expense administration

ANALYST_QUICK_TAKE

<div>
 <p>Brex, a corporate card provider, and Navan, a travel management company, have formed a partnership to launch BrexPay for Navan. This is a combined business travel and payment solution that integrates Brex's global payments infrastructure with Navan's travel-booking system. Companies can use their existing payment cards and gain benefits like automated receipts and reconciliation. It offers higher credit limits, local currency cards in over 50 countries, and a scalable travel program to help streamline compliance and reduce costs.</p>
 <p>The primary aim of this integration is to condense travel payments into a single workflow. This could potentially give Navan a competitive advantage as it would provide businesses with a central platform to manage both travel and payments.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> This partnership allows Brex to expand its offerings in the business travel sector, leveraging Navan's expertise in travel management.</p>

Brex and Navan partner to launch integrated business travel and payments solution

<div>
 <p>Findity, a Swedish company specializing in business expense management technology, has introduced a Real Time Card feature to its AP automation platform.</p>
 <p>This new function permits users to connect any Mastercard or Visa to Findity's platform for managing expenses, thus facilitating real-time tracking and management of business costs. Thanks to this integration, the process of reconciliation and expense reporting for businesses is greatly streamlined.</p>
 <p>All Findity customers and partners can look forward to this Real Time Card feature being available to them in the future.</p>
</div>

Findity partners with Mastercard and Visa to add real time card functionality enabling real-time expense management

<div>
 <p>Accounts payable software provider, Fidesic, is reintroducing its free version - Fidesic Free, at the Dynamics Communities Summit NA. This improved version is designed to allow businesses to trial the software with real invoices, offering a solution particularly suited to enterprises with fewer invoice needs.</p>
 <p>With Fidesic Free, users receive setup for one company, access for three users, and a limit of 100 invoice scans each month. The software also includes transactional fees only for payment fulfilment and caps at 100 invoices monthly. It is specifically designed for use with Microsoft D365 Business Central and Dynamics GP, and includes features such as data capture and processing for invoices, automated approval routing, simplified payments, and vendor management.</p>
 <p>Fidesic states that the relaunched software version helps potential customers to test the product against their own processes, provides a cost-effective option for smaller volume companies, and extends support to the SMB community.</p>
</div>

Fidesic to relaunch Fidesic Free to enhance its free product offering

<div>
 <p>Center, a software firm in the expense management arena, has launched Insights for Travel, a novel dashboard in their travel and expense (T&amp;E) solution. Through this, Users are provided a complete outlook of travel expenditure and insights that help in policy compliance and budget management.</p>
 <p>Insights for Travel assimilates real-time data on travel spending, including transactions on various platforms, giving a broad perspective on travel costs. The functionality consists of strategic dashboards presenting deep insights into departmental spend, booking habits, dealings with vendors, and policy compliance, filtered by booking categories like airfare, hotel, and car rentals. It also gives a detailed analysis of project-wise expenses by client, project, or job.</p>
 <p>Center has also enhanced its service by automating the expense procedure with Smart Receipts and digital receipts in line with IRS standards, which are automatically added to expenses having complete transaction data.</p>
 <p>According to Center, Insights for Travel helps finance and travel managers unearth inefficiencies, amend policies in advance, simplify invoicing and budget tracking, and negotiate for better rates with vendors.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> This builds on the success of Center's <a href="https:<br>
//www.prnewswire.com/news-releases/center-adds-travel-to-card-first-expense-solution-301958640.html"> recent integration </a> of travel management into its card-led solution, which has seen improved YoY adoption, reportedly including a 2x increase in T&amp;E customers and 50% growth in the company's overall customer base.</p>

Center launches Insights for Travel to provide a unfied expense management experience

<div>
 <p>Yooz, a platform for AP automation, is collaborating with Dyanix, a provider of data and information solutions. Their aim is to provide automation solutions for purchase-to-pay.</p>
 <p>Dyanix will provide its partners with a cloud-based e-invoicing solution that automates the complete purchase-to-pay process, thanks to this partnership. Yooz's AI-powered platform claims to capture and process 80% of invoices without initial configuration, handles purchase requests, generates purchase orders, and monitors invoice approvals all within one integrated system.</p>
 <p>The goal of this partnership is to improve Dyanix's partners' efficiency, reduce costs, enhance transparency, and ensure compliance.</p>
 
</div> <p><b>Analyst QuickTake</b> :<br>
 This partnership reflects Yooz’s Strategy to enhance its service offerings by providing better automation solutions. In <a href="https:<br>
//blog.trginternational.com/procure-to-pay-automation-trg-yooz"> May 2024 </a> , Yooz partnered with TRG to provide advanced P2P automation solutions.</p>

Yooz partners with Dyanix to offer automated purchase-to-pay solutions

<div>
 <p>A business expense management platform, Expend, has recently presented Card Connect, a tool that integrates data from Mastercard and Visa business cards into their digital expense management system.</p>
 <p>The introduction of Card Connect provides a solution for companies to link several business cards to a single platform, giving users the ability to view and submit all expense claims via one app. This feature also allows instantaneous visibility of card payments on the app, offering instant receipt upload and expense categorisation. Additionally, it makes the process of expense submission and approval faster.</p>
 <p>Expend suggests that Card Connect helps streamline the process of expense management, lighten administrative loads and enhance real-time visibility. The company further stresses that the feature provides flexibility by accommodating various business cards, getting rid of the need for separate logins or banking apps, and removing any potential errors that might occur due to manual data entry.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> Expend's introduction of real-time integration for Mastercard and Visa business cards marks the first time a UK platform has offered such integration. The integration with leading global payment providers positions Expend as a strong competitor in the business expense management market.</p>

Expend launches Card Connect for Mastercard and Visa business card integration

<div>
 <p>Airbase, a provider of procure-to-pay solutions, introduces AI-powered Touchless AP, a tool set out to automate the entire AP lifecycle, starting from onboarding vendors to reconciliation.</p>
 <p>Touchless AP consists of AI-enabled invoice management and automatic scheduling of payments, live fraud detection, improved vendor management with automated validation of tax and bank account details, and comprehensive spend analysis to assist financial decision-making processes.</p>
 <p>The company argues that the Touchless AP system will enable finance teams to simplify complicated AP processes, minimize mistakes, ensure adherence to rules, and concentrate on strategic, high-value tasks, eliminating the need for manual, time-consuming tasks.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> The AP automation industry is increasingly embracing AI, with more firms driving the trend to utilize advanced AI capabilities for touchless AP. In <a href="https:<br>
//sp-edge.com/updates/21088"> August 2023 </a> , OpenEnvoy announced advancements to its AI-powered AP automation platform, followed in <a href="https:<br>
//sp-edge.com/updates/27610"> March 2024 </a> by Basware's introduction of a touchless invoice processing discovery dashboard.</p>

Airbase launches AI-powered Touchless AP for accounts payable automation

<div>
 <p>Apron, a company specializing in business payout management, has recently secured USD 30 million in a Series B funding round. Notable participants include Zinal Growth, who led the round, as well as Index Ventures, Bessemer Venture Partners, Visionaries Club, and Tony Fadell.</p>
 <p>Apron intends to utilize these funds to grow their product and engineering teams. This expansion is in anticipation of a significant launch in expenses management. Furthermore, Apron plans to utilise this investment to enhance their product portfolio tailored to the needs of larger business customers.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> Apron has seen significant growth since its previous funding round in <a href="https:<br>
//sp-edge.com/updates/22258"> September 2024 </a> to expand its SME-focused offerings and enhance its product. The company has since <a href="https:<br>
//www.cityam.com/apron-london-fintech-taps-checkout-com-founder-and-apple-iphone-co-creator-for-30m-funding/#:<br>
~:<br>
text=Apron%20said%20on%20Wednesday%20that%20its%20customer%20base%20had%20increased%20by%20more%20than%2020%20times%20since"> reported </a> a 20x increase in its customer base. As a result, Apron's latest funding round is positioned to further solidify its market presence by broadening its focus and channeling additional investment into product development.</p>

Apron raises USD 30 million in Series B funding to expand product range

<div>
 <p>Accounts payable (AP) automation platform, Stampli, unveiled an upgrade that includes a new purchase order (PO) matching service. Customers using Oracle NetSuite, Sage Intacct, and SAP can access this service as an add-on, and its compatibility with more financial systems is anticipated in the near future.</p>
 <p>The upgrade, which employs traditional AI, GenAI, and business process modeling, aims to enhance the accuracy of matching POs and managing discrepancies in line items, quantities, prices, amongst others. The so-called "cognitive AI" system, stemming from existing large language models, incorporates multiple checks and balances to strengthen its accuracy.</p>
 <p>Stampli alleges that the system reaches up to 97% accuracy in matching POs and is capable of continual improvement through regular feedback. This advancement can significantly reduce time spent on various AP tasks by up to 90%, freeing up finance teams to work on strategic tasks like activity-based costing and project planning.</p>
</div> <p><b>Analyst QuickTake</b> :<br>
 Stampli’s recent product update adds GenAI to its AP automation platform, placing it alongside other companies integrating similar technology. In <a href="https:<br>
//sp-edge.com/updates/31988"> July 2024 </a> , TranscendAP added AI and ML to its platform to improve workflows. Medius launched Medius Copilot and Medius Supplier Conversations in <a href="https:<br>
//sp-edge.com/updates/30893"> June 2024 </a> , and, in <a href="https:<br>
//sp-edge.com/updates/27401"> March 2024 </a> , HighRadius introduced its GenAI-driven automation suite for AP processes.</p>

All Updates

PayEm raises USD 220 million in a mix of equity and debt funding

Monzo launches Monzo Team subscription plan for business customers to simplify expense administration

Brex and Navan partner to launch integrated business travel and payments solution

Findity partners with Mastercard and Visa to add real time card functionality enabling real-time expense management

Fidesic to relaunch Fidesic Free to enhance its free product offering

Center launches Insights for Travel to provide a unfied expense management experience

Yooz partners with Dyanix to offer automated purchase-to-pay solutions

Expend launches Card Connect for Mastercard and Visa business card integration

Airbase launches AI-powered Touchless AP for accounts payable automation

Apron raises USD 30 million in Series B funding to expand product range

Stampli upgrades its AP automation platform with AI enhancements

Business Expense Management

PayEm raises USD 220 million in a mix of equity and debt funding

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