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News roundup: Last week, a slew of corporate expense management fintechs across the globe announced new funding rounds and partnerships that will support geographic expansion and product development.
What’s the appeal? All three firms target the red-hot small and mid-sized business (SMB) market for corporate card and expense management tools.
Demand is high for these tools: Mastercard reported that travel and expense (T&E) costs are usually an organization’s second-highest operating expense, right behind payroll. Companies also say they’re the second-most-difficult cost to control. That’s why streamlining and modernizing T&E management is part of optimizing back-office operations at many businesses.
Expense management fintechs have shifted the focus beyond simply reducing the cost of processing expenses. They’re now actively managing employee spending habits and integrating company policies into the decision-making process for travel and other expenses.
What’s the opportunity?
What’s next?
While the SMB market opportunity is enormous and still attracting new entrants with innovative solutions, it’s already drawn the interest of larger players.
When this crowded market starts to consolidate, we expect differentiating features—like Sonya’s T&E environmental impact reviews—will help expense management players stand out from the pack.
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