Airwallex moves into expense management space

April 13, 2022 | Finextra | Portfolio
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Global fintech platform Airwallex is pleased to announce the launch of its global Expenses platform, providing a modern solution for businesses to manage their expenses in a fast, seamless and hassle-free way.
With workforces increasingly distributed and remote, expense management has evolved into a significant administrative burden for businesses operating globally. Airwallex solves the problem through automating parts of the expense process that are traditionally time consuming and manual. 

"Managing spending efficiently is critical to the success of any business, so it’s no surprise our Expenses solution was highly requested by the businesses we work with," said Shannon Scott, VP, Global Head of Product at Airwallex. "With the launch of our new Expenses platform, we are delivering a cohesive solution to one of the biggest administrative challenges businesses face when scaling. Airwallex’s Expenses platform integrates seamlessly into our existing multi-currency cards product. Combined, this product suite offers control and visibility to businesses, helping to manage spending, reconciliation and reporting conveniently in one place."

Together with Airwallex’s virtual and physical multi-currency cards - for corporates and employees - the new solution streamlines the expenses process through offering a single integrated platform to manage spending. Businesses will be able to seamlessly upload receipts for approval, reconcile expenses and gain real-time visibility over card transactions. 

This includes the ability to:
• Upload and track receipts:
• Allowing businesses full visibility over purchases, with all the details in one place
• Assign expenses to the right accounting categories:
• Categorisation of expenses to better track spending and drive operational efficiency
• Reconcile and close the books faster:
• Expense management seamlessly syncs expense data into business’ accounting software in real-time. 

The Expenses solution works alongside Airwallex Borderless cards, which can be used for corporate or employee expenses in more than 140 currencies globally where Visa is accepted. Expenses will be available in all markets where Airwallex Borderless cards are currently available, including in Australia, the UK, Hong Kong, the U.S., and subsequently, in Singapore and Europe later this year.