Decacorn Brex expands into financial services and makes DoorDash a new customer

0
Digital bank

Fintech Brex diversifies in its biggest expansion since launching in 2018. Meet Brex Empower.

Image source: Henrique Dubugras & Pedro Franceschi/Brex.

In the biggest change to the company since its launch in 2018, Brex has introduced a new software platform.

Best known for its corporate credit card, the decacorn is now launching Brex Empower as part of a move into financial services.

Along with the company’s strategic shift comes the new software platform which it says will “help fast-growing companies go even faster.”

One such company joining as a new customer and early adopter of Brex Empower is food delivery service DoorDash.

“The fastest growing companies are always looking for ways to fight bureaucracy and accelerate the pace of business. We designed Empower to do just that,” said Brex co-founder and co-CEO Henrique Dubugras.

“It allows companies to propel their business by using spend as a lever for strategic growth. Empower reflects the next chapter of Brex, one built from the ground up around software to meet the needs of today’s most innovative and fast-growing businesses.

The company has defined three goals with Empower, which will serve as the basis for Brex products in the future: facilitating good action, trust, verification and accountability.

To empower people to “do the right thing”, it aims to eliminate receipts by automatically collecting and generating receipts using data from credit card networks.

The company also found a way to “visualize” expense policies that often go unread, making them more understandable to employees.

He wants to weed out leaders who look at everything in a way they deem costly and slow by making it clear to people to create and request budgets with defined spending policies.

This should allow leaders to “review by exception,” he says, as there will be defined parameters for employees, which should increase speed.

His end goal of helping teams move faster, he says, will come through increased confidence by giving employees systems to hold leaders accountable.

All of these seem to boil down to one overarching goal of speeding up processes and reducing unnecessary bureaucracy in businesses so businesses can operate at peak capacity.

This fits with Brex’s own philosophy, as Dubugras explained on Twitter.

“When we launched Brex, we promised ourselves that no matter how big Brex was, we would always move fast. Speed ​​is critical to our business,” Dubugras said.

It’s something they see in the minds of companies using Brex, he continued.

As an early adopter of Empower, DoorDash will be one of the first companies to see if a new expense management tool can really make a difference in accelerating the speed of a business.

“Brex uniquely understands that to be competitive, you have to be ready to go really fast,” said DoorDash vice president of finance Mike Kim.

“We wanted to empower our employees to make decisions for themselves and act quickly to spend on behalf of DoorDash – with the right level of compliance and control. And with Brex Empower, we are able to solve this problem.

Subscribe to our newsletter

Share.

About Author

Comments are closed.