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Brex adds global capabilities

Source: Brex

Brex today 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.

Companies using Brex now have the ability to issue cards and locally fund reimbursements in over 20 currencies across 45 countries. While Mastercard is accepted worldwide for transacting, customers need to fund transactions and reimbursements through their local bank in each country to avoid unnecessary internal adjustments and cross-border transactions that come with funding everything from US accounts. Brex allows customers to fund easily from their local banks, while keeping track of spend and reporting transactions in local currency - making it easy to monitor spend and reconcile transactions.

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.

"Our goal is to create an integrated global platform that enables all companies to spend globally and operate locally," said Henrique Dubugras, co-founder and co-CEO of Brex. "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 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.

"We've been able to consolidate multiple card providers across the US, Europe, and Israel into one," said Mike Duffy, Director, Assistant Controller at Lemonade, the digital insurance company built on social impact. "Now we're able to see and analyze spend across our entities in one dashboard."

"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," said Albert Gonzales, Senior Accounting Manager at GoGuardian, the educational technology company.

Brex's multi-currency billing and local expense management are available to customers through the Empower platform. 

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