Brex makes further inroads in the commercial payments space
US-based B2B payments company Brex has announced that it has acquired Pry Financials which is a platform with tools for enabling budgeting, bookkeeping and forecasting for $90 million.
As explained by the company, the cash flow forecasting is critical for startups and most of them today don’t invest in “specialized accounting software and rely on a jumble of spreadsheets to make it all work” and the Pry enables the businesses with “project cash flow, track budgets” and also categorize revenue and cost and build a financial plan.
“Pry was designed from the ground up to help founders understand their business simply and efficiently. To help them scale, raise their next round of funding or plan an exit,” said Henrique Dubugras, co-founder and CEO of Brex.
In other news, the company extended into financial software with the launch of its new spend management platform, Brex Empower.
Under this platform, it will serve as a foundation for all Brex products. The company noted that it is making this platform available for businesses to enable them to eliminate collected receipts as it will leverage the data from credit card networks and integrations and collect and generate receipts without asking employees to track them.
Moreover, it will make a visualization of spending policies for the business employees regarding expenses across corporate cards, reimbursements, and bill payments. The platform will also have real-time visibility and accountability allowing finance teams to track the spending in real-time.