FinTech news in corporate spend category

After the layoffs, Brex has just over 1,150 employees. Unsurprisingly, Brex cited the challenging macro environment in its decision.

Founded in Israel and now with headquarters in New York, Mesh Payments is one of a growing group of startups focused on helping companies manage their spend through automation. Put simply, Mesh aims to help its clients automate, and get real-time insights about, their spend. For its part, Mesh says it saw its revenue run rate triple in the first half of 2022, since its November 2021 raise.

While Glyman did not reveal hard revenue figures, he did point out that the company had crossed $100 million in annualized revenue before its third birthday in March.

He has declined to reveal hard revenue figures, but previously told journalist Brex was still focused on growth and not yet profitable. Three months after announcing it would make a big push into software and enterprise, fintech giant Brex is apparently abandoning the very segment it started out to serve – small and medium-to-sized businesses.

Today, decacorn Brex revealed that it is making a big push into financial software with the release of a new spend management product called Brex Empower. Brex is one of a number of companies in the corporate spend management space that has grown increasingly crowded — and competitive — in recent years.

Starlight’s core customers are companies who need to convert some of their cash into crypto, many of which are digitally native but new to web3, Nguyen said. He added that Starlight has also seen interest in its product from crypto-native entities, including DAOs, which often invest in other companies, creating a need for them to convert cash into crypto and vice versa.

Earlier this month, Ramp also announced a partnership with Amazon for Business, in which customers can connect their Amazon Business account to Ramp and then anytime an employee uses one of its cards to make a purchase, Ramp automatically pulls the receipt. Notably, Ramp is college friends Glyman and Atiyeh’s second venture in the spend management industry following the sale of online price tracker Paribus to Capital One in 2016.

Multiple players have emerged with various solutions — from software to corporate cards — to help businesses of all types and sizes better manage their expenses and save money and time while doing it.

With Pluto, he said, businesses can control spend before it even happens, by creating unlimited virtual and physical cards with spend controls that can be connected to existing business bank accounts and category restrictions.