FinTech news in expense management category

Besides seeking to snag market share from incumbents such as Concur, Brex is also taking on startups such as Navan (formerly called TripActions) — which actually started its business focused on travel expense management before broadening its offering and also Ramp, which itself expanded into travel last year.

According to Amex, the initial solution will leverage machine learning and AI to automate expense reporting and approvals.

LatAm FinTechs prevail in the new rounds, while larger FinTech companies go after M&A via SPACs, according to NASDAQ

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.

Taxfix as you might suspect prefers to talk about the good news stories around tax filing — it’s easy! and it’s often free money owed to you! — so Ott wasn’t keen to talk about how much money it calculated people owed to the state, but there is an opportunity there too to provide financing and longer-term managing of that financing as a different kind of product.

With 12 million users and nearly $200 million in annual recurring revenue, expense software provider Emburse has built much of its business in the enterprise. Historically, it has competed with legacy players like Concur and Expensify and ERP players. But now Emburse is making a big push into the SMB space and going head-to-head with \[…\]

Merritt Hummer, partner at Bain Capital Ventures, said she doesn’t view Fidel API as a competitor to expense management players, but rather an enabler of them. Fidel API says it has tripled its growth metrics and quadrupled its card base year-over-year since launching in 2018, according to CEO and co-founder Dev Subrata.

Less than seven months after closing on a $57 million Series B, fast-growing fintech Jeeves has raised $180 million in a Series C round that values the company at $2.1 billion. For example, Jeeves says that since its Series B was announced in September, it has seen its revenue climb by 900% and doubled its client base to more than 3,000 companies.

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.

To that end, and like the aforementioned spend management companies, Coast has created a commercial charge card designed for the businesses that operate vehicle fleets, such as trucking companies, plumbers, HVAC businesses or last-mile delivery companies.