Customer Story
How Brex Unlocked New Revenue with Photon AI
Brex is a fintech leader providing an “all-in-one” financial platform.
Brex offers corporate credit cards, deposit accounts and spend management software to businesses.
Traditional difficulties that small businesses and startups face when trying to obtain credit cards are solved by using real-time data to determine credit worthiness, circumventing the need for SSNs, personal guarantees, and even access to credit scores.
As a rapidly growing fintech platform with an array of free services, such as wire and ACH transfers, Brex is constantly looking for new ways to unlock value from their growing base of financial clients.
Since 2017, the company reached an astonishing $7.4 billion valuation with its recent Series D funding in April 2021.
After Photon
Before Photon
Able to launch a new AP automation product leveraging Photon’s leading AI platform to improve customer experience
Unlocked new revenue streams from existing customers through Premium products around AP and expense management
Gained access to the rapidly growing AP automation market
Clients had to either manually process payables or look elsewhere for automation
Untapped monetization opportunities in a growing user base
Unable to accurately automate document processing
The Problem
Brex’s phenomenal servicing of startups and small businesses has allowed them to obtain over 10,000 customers who rely on Brex’s financial services to grow. Part of Brex’s attraction, however, is the fact that they offer wire, ACH and credit transactions with no fee. This is highly beneficial to cash strapped customers, but it also means that Brex has had to find other ways to monetize their customer base.
Simultaneously, Brex’s bill pay offerings were not automated. Brex’s customers had to look elsewhere if they wanted to streamline their bill pay online, breaking away from Brex’s goal of being an all-in-one platform.
Thus, Brex wanted to find new ways to unlock revenue from loyal customers and a way to provide bill pay automation to their users.
The Solution
Brex partnered with Photon Commerce, whose market leading AI platform for financial documents allowed Brex to create their own bill pay automation product. Any bill can now be uploaded and paid through automation on Brex.
Photon offered Brex the ability to do 1-click bill pay from invoices of any format with market leading accuracy and line item detail. This enabled Brex to offer its users bill pay automation as a part of its software, linking in with their corporate card, Brex cash and payment management services in an all-in-one portal. Users could now efficiently process their invoices within Brex and pay any form of bill, even international ones, through Brex .
Most importantly, Brex was able to use this powerful feature as a part of its premium offerings. This bolstered Brex’s revenue as Brex premium was able to capture more of Brex’s robust user base with the bill pay automation offering, helping Brex collect additional SaaS fees.
The Result
Photon Commerce was able to help Brex launch a new automation product that unlocked two revenue streams from their users and reduced payment processing costs.
This product taps into the exploding AP automation market. Brex’s position as a fintech leader with a quickly growing customer base of startups and small businesses has allowed them to leverage their new bill pay product to achieve great market penetration .
Are you ready to unlock new revenue streams and cut costs through automation?