The new offerings come as competition intensifies in the spend management space. Brex co-CEO Henrique Dubugras believes the opportunity in the space is large across SaaS and payments, despite the competition. Rho's SVP of product & design, Rishav Chopra, also noted that the current macro environment has led to increased pressures on CFOs and finance teams to operate more efficiently, creating more demand for spend management products.
Key takeaways:
- Brex and Rho have each announced AI-powered accounts payables offerings, intensifying competition in the spend management space.
- Brex's new product, Payables, is an AI-enabled Accounts Payable (AP) offering, while Rho has announced new AI-powered Accounts Payable automation capabilities.
- Both companies expect their new offerings to increase revenue, with Brex's co-CEO Henrique Dubugras stating that the new payables product should increase the percentage of customers’ spend processed via Brex.
- Rho's CEO Everett Cook believes that customers are looking for a modern solution that's directly integrated with the rest of their finance stack, moving away from legacy AP providers like Bill.com and Concur.