Brex announces expansion of its global footprint
By Delisha Fernandes
Brex has announced new global capabilities that significantly expand its ability to support US multinational businesses in Brazil, Canada, Israel, Japan, Mexico, Singapore, South Africa, the Philippines, 36 European countries, and more.
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 can help solve all use cases, whether that be managing local spend and compliance for international subsidiaries, reimbursing employees overseas, or paying vendors across the world.”
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 have been able to consolidate multiple card providers across the US, Europe, and Israel into one,” said Mike Duffy, Director, Assistant Controller at Lemonade. “Now we are able to see and analyse spend across our entities in one dashboard.”
“Along with improving the employee experience for our teams in India, we are also able to track their regional benefits alongside our domestic teams’ spend, including travel and procurement,” said Albert Gonzales, Senior Accounting Manager at GoGuardian, the educational technology company.
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