In the business world, fintech is revolutionizing the way that companies manage their spending. In the past, businesses had to rely on paper invoices and manual tracking of expenditures. This was time-consuming and inefficient, often leading to late payments and missed discounts. Thanks to spend management tools, businesses can now track their spending in real-time, ensuring that they always get the best prices for their purchases. In addition, spend management tools can help businesses to negotiate better payment terms with suppliers, resulting in significant savings. As fintech continue to evolve, businesses that adopt these tools will be well-positioned to stay ahead of the competition.
Today, London-based spend management platform Payhawk announced it is coming to the U.S. market. The company will join a competitive market of expense management platforms and commercial card providers.
Here is how the spend management company describes the offering:
“Alongside its unique global footprint, Payhawk differentiates itself through its strong enterprise focus. It offers market-leading native integrations with multiple enterprise ERP systems for real-time reconciliation, spending policy features to help finance leaders implement governance and control at scale, and the ability to manage multiple international entities in a single platform. To date, Payhawk already serves scaleups and enterprises in 32 countries.”
Hristo Borisov, co-founder and CEO, Payhawk, described the value proposition as follows:
“A significant proportion of scaling companies in Europe have US operations, and before today, they were forced to use multiple credit card issuers, making the controlling and reconciliation process for finance teams a nightmare. The same is true for US companies with European operations where the number of currencies and payment systems can be daunting.”
There is currently a waitlist for an October launch date and early adopters of their U.S. Visa credit card are being rewarded with a 1.5% cashback offering. The company reports that 10% of its customer base has already subscribed to the waitlist.
For more information on this topic, Mercator Advisory Group recently released a report on the North American commercial credit market as well as a study on expense management platforms.
Overview by Ben Danner, Research Analyst at Mercator Advisory Group.