We believe there are better options available in this category, read below to learn what this software does well, and what they could do better. ⤵
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The financial platform for your global ambition. Global spend & expense management solution.
Airwallex is the best global payments platform.
We work with contractors around the world, and whenever they have an Airwallex USD bank account for us to pay, it not only makes them far more professional, but it also makes our job way easier.
If you have a business that needs to make payments globally to individuals and businesses, Airwallex has you covered.
Airwallex allows you to spin up virtual cards in your business and spend in multi-currency, so you can have one on file for each expense. Like many of the best expense management solutions on the market, they do an incredible job at that, and work globally, unlike others mentioned on the list. So especially if you're based outside of the US, and have multi-currency needs, Airwallex is going to be your best bet.
Unlike other expense management solutions on the market focused primarily USD needs, Airwallex handles company spend across multi-currency needs.
A spend management (virtual credit card) platform for venture-backed startups and large teams. They also have a barebones checking account product called Brex Cash.
Brex has run into a bit of an odd situation in recent years—while focusing on growth, they apparently took on too many small-mid size businesses, which led to them axing accounts of many of their customers out of nowhere. They are now only allowing venture-backed startups onto their platform, or mid-size businesses doing at-least $400k/mo in revenue ($4.8m/yr).
We actually had a Brex account for many years when first evaluating it (checking in on how it evolved over the years), and recently, we were actually one of the many that were pulled into the axing account mess (luckily we ultimately decided on Divvy after initial evaluation of Brex, and have been happily using Divvy for 5+ years now). That said, when trying to log back into my account to add some screenshots to this post, I was met with a redirection loop and the following message from support upon reaching out:
While they have a "banking" component, it's more of just a simple checking account, and their banking features are not as robust as that of a full-fledged business-focused bank like Mercury.
All-in-all, they seem to be relying quite heavily on their YC network, getting most YC companies to use them by offering as many perks to them as possible. When actually comparing Brex against the competitors though when it comes to automatic reconciling of your expenses in your accounting software, and just overall UI/UX, there's a lot to be desired—Divvy and Ramp are far superior in many of those areas.
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