Despite some attempts to bring people back to offices, remote working is here to stay and many of us are finding additional benefits from broadening our hiring pool globally. For cards and spend management provider Brex, this has presented a new opportunity to shift its strategy internationally, and in my latest Forbes column I caught up with CEO Henrique Dubugras to find out more.
Prior to the pandemic, Brex focused on the needs of growing businesses in the US, through services including cards, business accounts and expense tracking. However, it has shifted to provide services to multi-country businesses in reflection of the changing hiring practices of its core customer base. Some of the key takeaways from my Forbes article:
- Brex’s shift to global is built on its platform Brex Empower, which was launched earlier this year to initially provide spend management services for US companies, with a view to adding further services over time. In May this was expanded to make the platform globally focused.
- The services Brex has added include multicurrency support across its cards and platform, same-day cross-border reimbursements for employees claiming expenses and the extension of its support services to run 24/7. It has also partnered with global payroll provider Deel as one of its first customers, and has integrated the company’s services onto the platform.
- At present Brex has support for local collect services, but Henrique says that over the next few months it plans to add local payout and local card issuance services. It also intends to add services such as local VAT support.
- Brex is now focused on becoming a global company. While its initial global customers are largely headquartered in the US with international subsidiaries, it plans to increasingly cater to companies launched globally.
- Henrique anticipates the move to remote and international hiring is only set to continue, creating increased opportunities in the B2B payments space.