Fyle Launches Real-Time Spend Management For Small Businesses Fyle Launches Real-Time Spend Management For Small Businesses
Fyle and Visa integration

Fyle Launches Real-Time Spend Management For Small Businesses

Small business owners who are seeking an easier way to keep track of their employee expenses spending and accounting may be interested to hear about a new addition to the digital bookkeeping platform Fyle. This week, the company announced the launch of a new tool that will help business reconcile their expenses.

As the FinTech notes, this new feature enables business owners to use existing credit cards to gain real-time spend management tools, rather than forcing them to obtain new corporate cards. The offering will first be offered exclusively for Visa-powered cards. This includes a number of popular options including the Chase Ink Business Cash, Capital One Spark Business, Chase Sapphire Reserve, and many more. Additionally, Fyle plans to add support for other card networks “over the next few quarters.”

According to Fyle’s website, as soon as a business card is swiped, employees will be prompted to submit a photo receipt via MMS while receipts can also be sent using Gmail, Outlook, MS Teams, Slack, or other common platforms. In turn, businesses can keep up to date with their accounting and expenses more easily. The platform will also be able to scan for receipts in email inboxes. Elsewhere, business owners can set budgets by project, category, or department and be notified when those budgets are being approached. Fyle also integrates with NetSuite, Sage Intacct, QuickBooks Online, or Xero — with support for Bill.com and Financial Force coming soon.

In a press release, Fyle founder and CEO Yashwanth Madhusudhan said of the new spend management platform, “With this launch, we can offer all customers who have Visa business credit cards access to powerful, AI-driven software to track & manage their card spending. It also gives us the opportunity to collaborate with card issuers who are losing business to new-age corporate card products.” Madhusudhan added, “For the first time ever, customers won’t have to switch their credit cards to get the best spend management experience.”

IDC Research Director for Financial Applications Kevin Permenter noted, “Fyle’s integration with Visa is very exciting as it offers their users the opportunity to utilize their own business cards in support of business spend management initiatives. Fyle’s ‘bring your own card’ approach has the potential to provide real-time insights, visibility and control to the millions of small businesses that use business and corporate cards as cash management tools.”

Although many FinTechs have jumped into the small business expense card space, Fyle’s solution could be more attractive to business owners as it allows them to keep using their favorite credit cards and keep earning rewards while still adding a smart and convenient expenses management tool to their routine. Of course, while Visa is one of the most popular payment networks, there may be business owners who prefer other options and may want to wait until Fyle rolls out support for these networks. In any case, this launch is one to keep an eye on and could be the solution many business owners have been looking for.

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....