Brex announced new global capabilities that significantly expand its ability to support US multinational businesses operating in Brazil, Canada, Israel, Japan, Mexico, Singapore, South Africa, the Philippines, 36 European countries, and more.
In addition to spending and paying in local currencies, Brex is “launching VAT tracking and multi-currency expense policies.”
These capabilities “ensure customers remain tax-compliant locally in all countries by making it easy for employees to follow local tax regulations.”
Henrique Dubugras, co-founder and co-CEO of Brex, said:
“Our goal is to create an integrated global platform that enables all companies to spend globally and operate locally. Not all businesses have the same needs when it comes to their global operations, but Brex is able to help solve for all use cases whether that be managing local spend and compliance for international subsidiaries, reimbursing employees overseas, or paying vendors across the world. Empower is the most comprehensive, global spend management platform.”
In the last 6 months, Brex claims it “has seen a 5x increase in the share of spend management users outside the US, and nearly 50% of customers on the Empower platform have globally distributed teams.”
Mike Duffy, Director, Assistant Controller at Lemonade, the digital insurance company built on social impact, shared:
“We’ve been able to consolidate multiple card providers across the US, Europe, and Israel into one. Now we’re able to see and analyze spend across our entities in one dashboard.”
Albert Gonzales, Senior Accounting Manager at GoGuardian, the educational technology company, commented:
“Along with improving the employee experience for our teams in India, we’re also able to track their regional benefits right alongside our domestic teams’ spend, including travel and procurement.”
Brex’s multi-currency billing and local expense management “are available to customers through the Empower platform.”
As covered, Brex claims it is “the first fully unified global spend platform — with corporate cards, expense management, reimbursements, bill pay, and travel, all in one place.”
Brex says that it makes it easy “for finance teams and founders to manage every aspect of global spend at scale by empowering their employees anywhere to make better financial decisions.”
Brex reportedly “serves tens of thousands of businesses, from enterprises to startups.”