If your company has a cumbersome expense management process, then you will welcome the news that Revolut for Business has introduced a new solution to make those issues a problem of the past. Courtesy of a new partnership with fellow Finovate alum Xero, the expense management tool provides real-time expense monitoring, and the ability to approve or reject team expenses.
“The potential for expense management to turn into one big ugly mess is high,” Revolut Marketing Manager Aaron Larsson wrote on the company’s blog. “That’s why we’re proud to introduce our new Expense Management tool to Revolut for Business.”
Revolut’s new tool makes the expense management process easier for team members, finance teams, and accountants. Available within the Revolut for Business app, the tool enables users to record expenses with a simple push notification and a photograph of the receipt, and helps finance teams track expenses more accurately.
Revolut customers that are not Xero users can also take advantage of the expense management tool by creating their own categories and exporting expenses as a CSV file. Revolut noted that it plans to feature additional integrations to offer more accounting resources.
Making its Finovate debut at FinovateEurope in 2015, Revolut has grown into an alternative digital bank offering a mobile current account that can be used to hold, exchange, and transfer funds in 29 different currencies. without fees. The account includes a variety of financial management tools including budgeting, instant spending notifications, and a spare change “stash-away” feature to support incidental saving. More recently, Revolut has added stock trading functionality to its app.
The company launched Revolut for Business in 2017 to extend the benefits of digital, API-powered banking services and streamlined, affordable international payments to small businesses and freelancers. The initiative signed up 16,000 business accounts in three months and, in its first year, helped companies save more than $14 million in fees. Last month, the company announced that Revolut for Business would add two new business account plans with no monthly subscription fees. Revolut also made price structure changes to include a customizable model that gives businesses more control and a better value.
Founded in 2013 and headquartered in London, U.K., Revolut has raised more than $336 million in funding from investors including DST Global, Future Fifty, and Lakestar. Nikolay Storonsky is founder and CEO.
Cloud accounting firm Xero announced a champion move for small businesses today that will not only help businesses get paid faster, but also give them more options on how they get paid.
“Small businesses are fundamental to the growth of major and developing economies around the world; ensuring that they get paid on time is vital to their survival and growth,” said Craig Walker, Founding CTO and Executive General Manager Platform Business Technologies at Xero. “We built the Xero platform to help small businesses grow with better tools, smarter insights and comprehensive connections to the information they need to run their business. Our partnership with Stripe today brings us even closer to helping small businesses spend less time chasing payments, and more time focusing on doing what they love.”
The two are working on solutions to make client invoicing more efficient and to offer more insight into business performance. The first two tools being launched under the partnership are the Stripe Feed and Auto Pay.
The new data feed from Stripe makes it easy for businesses to receive transaction data on sales and invoices in the Xero platform. Prior to today’s integration, Xero facilitated Stripe reconciliation for credit card payments processed through Stripe. The partnership will automatically integrate every payment processed through Stripe, from online invoices to Shopify purchases and processing charges, as individual line items in Xero.
Xero will use machine learning to automatically reconcile transactions. The company said that the new Stripe Feed will be available “in the next few months.”
With Auto Pay, businesses can set up and receive recurring payments for repeat billing customers in Xero. This will come in handy for a multitude of businesses, as Xero reports that more than 1.6 million repeating invoices are paid in Xero month-over-month. This feature will soon be available to customers in the U.S. and eventually roll out across the globe.
The companies have found that small businesses using Stripe payments in Xero invoices, when compared to those without a payment gateway, are already paid up to 15 days faster globally, and up to 16 days faster in North America.
Xero offers its 1.8 million subscribers access to an ecosystem of 700+ third party apps and 200+ bank connections. The company most recently presented at FinDEVr San Francisco 2014 when the company’s Head of U.S. Partnerships David Pollock spoke about building an API-driven ecosystem for small businesses. At FinovateSpring 2011, CEO Rod Drury debuted the company’s Business Identification solution.
Founded in 2006, Xero listed on the New Zealand Stock Exchange (NZX) in 2007 and the Australian Securities Exchange (ASX) in 2012. In January of 2018, the company consolidated to list solely on the ASX and now boasts a market capitalization of $5.9 billion ($8.6 billion AUD). Xero has raised more than $319 million (NZ$470 million) in funding, including $1.4 million pre-IPO; $10.2 million at its IPO; and follow-on rounds from investors including Peter Thiel, Matrix Capital Management, and Accel Partners.