Brex, the firm that is “reimagining” finance for growing businesses, recently announced it is expanding Brex Empower to serve employees from US-based companies in over 100 countries “across card, spend management, and reimbursements.”
Brex Empower — a new software platform designed to enable businesses to move fast by enabling a culture of trust and financial discipline — “was introduced last month and will serve as the foundation for all Brex products moving forward.”
Henrique Dubugras, Co-Founder and Co-CEO of Brex, stated:
“Today, the pace at which fast-growing companies based in the US are hiring talent around the world is increasing significantly. We are excited to empower global teams with the same great spend management experience they have come to expect from Brex in the US, and to allow finance teams to easily manage global budgets, reimbursements in local currencies, and global reconciliation. By streamlining the global spend process, we can help fast-growing companies increase the speed of business.”
Brex also announced Deel, the global payroll and compliance provider, as one of the first customers “to use the global capabilities across their 7,500+ customers in more than 150 countries.”
Deel is also a partner, and Brex will “integrate Deel into the Brex Empower platform to support international payroll, benefits, taxes, and compliance.”
Alex Bouaziz, CEO of Deel, remarked:
“We chose to partner with Brex — as well as to use them for our own business — because of their commitment to global companies. We love how they’re building their platform to make it easy for companies to hire internationally, spend globally, and operate faster everywhere. We’re excited to integrate into the Brex system to enable companies to instantly move funds for faster payroll.”
With this launch, US-based firms with global workers will have the ability to:
- Global reimbursements. Finance teams will be able to review, approve and deposit reimbursements in two days or less. These reimbursements will be made in the local currency of the employee.
- Spend worldwide with your Brex card. Brex will enable employees all over the world to spend on their Brex card with high rates of acceptance, facilitated by additional security features—including PIN protection and 3D Secure (3DS)—as well as locally issued cards in select countries. Brex will also enable finance teams to see their card, cash, and reimbursement transactions in the currency the transaction was made, with a clear view of the exchange rate used.
- Offer a consistent spend management experience, in one system. Using Brex, customers will be able to seamlessly delegate and track budgets across countries. All foreign card transactions will also be shown in USD for automated ERP (Enterprise Resource Planning) reconciliations. Even if global divisions don’t all use the same systems, they can all use Brex.
- Access customer support 24/7, all around the world. Along with receiving physical cards anywhere in the world, employees will be able to add their Brex cards to their Apple Pay and Google Pay, and receive notifications via SMS or WhatsApp. Starting this summer, Brex will offer customer support 24/7 anywhere in the world, via phone, chat, and the Brex mobile app.
Later this year, Brex will “enable companies to manage their local subsidiaries on Brex with card statements and collections in local currency, and the ability to pay those – along with bills and reimbursements — from domestic or international bank accounts.”