Brex partners with SAP Concur to automate payments
The trend of partnerships between commercial payment fintechs and business accounting services continues. San Francisco based fintech Brex has partnered with T&E management platform SAP Concur to let business customers automatically update and reconcile their corporate card expenses with Concur Expense.
In this, transactions made using Brex cards will automatically be populated on Concur Expense, allowing clients to make daily reconciliation and automated accounting software synchronization. The company says this will eliminate manual work and the software will make centralised expense view.
The partnership between SAP Concur and Brex is the in-depth investment in Brex’s API technology, the company said in their press note.
In another partnership, Brex has also created a connection between any corporate card available in the market with the Xero platform. Xero is a software company which offers accounting software on the cloud for businesses.
“The Brex-Xero integration streamlines accounting workflows, helping Xero users and advisors close their books faster,” Xero Americas VP of Operations Andy Burner said in the announcement. “The powerful benefits include real-time data flows, automatic receipt matching, bank feed automation, and an integrated view across payment types.”
In March this year, Brex had acquired three startups, namely Neji, Compose Labs and Landria, to build its product offerings for businesses. The company has also received $400 million in funding and has backing from Y Combinator Continuity, Kleiner Perkins, and the founders of PayPal.