Brex announced Wednesday that the Brex Empower platform is gaining new global capabilities as well as a new partnership with Deel, a payroll and compliance provider. Beginning Wednesday, Brex Empower clients can manage the spending of global employees in over 100 countries.
Global companies can now take advantage of secure employee spending, budget creation in local currency, and same-day global reimbursements. The spending protections include PIN protection and 3D Secure, which asks spenders to complete an additional verification step.
For budgets, finance teams will see spending in local currency and USD. The digital experience will be the same across all systems in all 100 countries for a seamless transition between teams. In addition, clients will have access to customer support no matter their location.
Same day global reimbursements will be in the local currency of the employee. The transactions will be shown in real time, and they will be reviewed and approved by finance teams. The finance teams can see employee’s card, cash, and reimbursement transactions in the currency they were made, plus the exchange rate that was used.
Brex Empower is an evolving platform that will grow with new features as time goes on. For now, it includes a spend management tool. But Brex plans to introduce other products into the platform that deal with payroll, banking access, and travel, among others. The platform aims to make business processes faster and easier, saving time for both leadership and employees.
According to the press release, companies have been hiring in countries outside of the US at a growing rate. A recent study by Deel found that the growth rate of hiring internationally grew over 200% in every major global region in the second half of 2021. Additionally, Brex said the number of Brex users based outside of the US quadrupled in 2021 compared to 2020.
The partnership with Deel will enable Brex Empower to support fast-growing companies with international payroll, benefits, taxes, and compliance.
“We love how they’re building their platform to make it easy for companies to hire internationally, spend globally, and operate faster everywhere. We’re excited to integrate into the Brex system to enable companies to instantly move funds for faster payroll,” Alex Bouaziz, CEO of Deel, said in the press release.