Fintech Brex bets big on software, lands DoorDash as a customer –
Summary
Brex is also placing greater emphasis on moving upmarket to serve larger customers, as evidenced by its landing DoorDash — a company with more than $36 billion in market capitalization and 9,000 distributed employees — as one of its first clients. Currently, Empower’s first product is focused on spend management but will evolve over time to have “wider capabilities” such as travel, procurement, payments and banking access, Dubugras said. It automatically collects “many” receipts by “leveraging exclusive data from credit card networks, and integrations with thousands of POS partners,” according to Brex. There’s also Airbase, which recently landed a strategic investment from American Express; focused on the mid-market customer, it and has always hinged its future on making money off its software rather than on interchange fees. And, coincidentally today, expense management software provider Emburse announced that, after building much of its nearly $200 million-in-ARR business in the enterprise, it is making a big push into the SMB space and going head-to-head with fast-growing startups like Ramp and Brex.