Expensify, a corporate finance and expense management fintech, announced a new travel product for its platform on Tuesday.
"The tool enables members to book and manage flights, hotels, rail, and car rentals all within Expensify's platform while ensuring compliance with corporate travel policies, reducing costs, and simplifying workflows," the press release said.
Expensify is a partner to banks, which offer its spend management tools to their customers. In a way it is also a competitor to banks, in the sense that
New features Expensify is rolling out include real-time duty of care reporting tools, which ensure that employees are updated to any changes and protected from potential problems during work-related travel, as well as real-time expense management and collaboration tools. Expensify Travel also includes more traditional tool integrations like in-policy booking results, travel-based spend analysis, out-of-policy notices and approvals before making purchases within the platform.
"These innovations enable businesses to not only simplify their travel and expense processes but also reduce costs, improve policy compliance and provide better care for employees on the go," the press release said.
"It's one of the most exciting times to be at Expensify that I can ever remember," Expensify founder and CEO David Barrett said in a statement. "We have a lot going on, and it's energizing to be sharing it after so long in development."
Expensify launched its new travel product shortly ahead of its
Corporate expense management is a market for both fintechs and banks to compete in, as fintech companies like Expensify create tools for firms to manage their corporate transactions externally and banks offer
