Fintech Roundup: Corporate spend just can't be a winner-takes-all space
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Fintech Roundup: Corporate spend just can't be a winner-takes-all space
Welcome to my new weekly fintech focused column. I’ll be publishing this every Sunday, so in between posts, be sure to listen to the Equity podcast and hear Alex Wilhelm, Natasha Mascarenhas and me riff on all things startups! And if you want to have this hit your inbox directly once it turns into a newsletter (soon!), sign up here.
The competition between corporate spend management startups is heating up. Here in the U.S., major players include Brex, Ramp, Airbase and now, TripActions.
I have talked at great length with the founders of Brex and Ramp in the past, as well as the individual in charge of that segment within TripActions. It is becoming increasingly clear to me that this is definitely not a winner-takes-all industry.
In January, for example, Ramp co-founder Eric Glyman told me:
I think at times people have sort of bashed us and thought maybe this is a card for tech companies and we have many, but the majority of our customers are not startups, and they're not tech companies. One of our large customers is a potato farm that's been around since the 1940s and is looking to just modernize and automate a lot of core processes. I have a lot of respect for, and learn a lot, from others in our industry, but it is such a massive space.
The company also plans to expand its offering to include more features. For example, last October it launched bill pay.
Image Credits: Ramp co-founders Karim Atiyeh and Eric Glyman
For its part, Brex started its life focused on providing credit cards aimed mainly at startups and SMBs. It now aims to serve as a “financial operating system” for its customers, starting with a premium SaaS service it launched in 2021. Brex has also broadened the type of customer it serves, with co-CEO and co-founder Henrique Dubugras telling me in January that while it continues to serve startups or e-commerce companies that might be smaller businesses with higher growth, it is now adapting to serve mid-market to larger businesses, which have different financial needs as they grow.
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