The business expense management fintech, Expend, has reported a sharp increase in demand for its pioneering product, ‘Card Connect.’ The UK-based platform is the first to offer real-time expense management by processing transaction data from Mastercard and Visa feeds directly into its system.
Expend’s new offering allows businesses to settle expenses immediately, helping to streamline financial operations and improve overall efficiency. Chief Executive Officer Johnny Vowles has described the platform’s two key features as “game-changers” for the industry.
Vowles explained that Card Connect enables companies to link all their business cards to one platform, accepting multiple cards including Barclaycard and HSBC corporate cards. “Users can view and submit all their expense claims in one app, regardless of which business card they used,” he said.
The second crucial feature is that payments appear in the app instantly, eliminating the delay between making a payment and seeing it reflected in the platform. “Employees can charge business expenses to their Visa or Mastercard and see the transaction in real-time through Expend. Receipts can be added, expenses categorised, and submitted for approval immediately after the purchase – for instance, by the time a coffee is ready, the team can have submitted the expense,” Vowles said.
Expend’s system also provides convenience for managers and finance teams. They can view expenses across multiple cards and submit them for approval within one platform. This removes the need for multiple logins and applications, significantly reducing the time it takes to process and reconcile expenses.
Vowles highlighted that traditional expense management, often involving paper receipts and complex claims processes, tends to be frustrating for both employees and finance teams. He said, “Expend’s Card Connect is removing these headaches and continuing to revolutionise the market by offering an easy-to-use, paperless solution.”
Clients have praised the flexibility of being able to use their preferred business cards, such as those linked to travel points or loyalty schemes. This feature also ensures a smoother transition to Expend for companies, as the platform is card-agnostic. Managers who frequently travel can continue using their preferred credit facilities while benefitting from Expend’s instant expense settlement capabilities.
Historically, business credit card balances are handled by a company’s finance team, requiring significant time to match expenses to bank statements. Expend’s Card Connect eliminates this time-consuming task and reduces the risk of manual errors.
Vowles emphasised that the platform notifies users as soon as a Mastercard or Visa Business Credit or Debit card is used. A prompt is sent to record the receipt, which is then submitted via the Expend app for processing.
He concluded: “Card Connect is part of our mission to offer real-time visibility and zero-touch processing of expenses. It’s solving a key challenge faced by our clients today.”
