World News

As spend management space heats up, Brex and Rho turn to AI startups to help power new products on August 2, 2023 at 12:00 am

Published

1 year ago

August 2, 2023

The competition in the spend management space continues to intensify.

Brex and Rho today each announced AI-powered/enabled accounts payables offerings.

Their announcements coincidentally came out the same day competitor Ramp announced it had expanded into procurement — further evidence that the companies in the space are clamoring to not only meet customer demand but presumably attempt to outdo each other in terms of what they can offer their customers to help control spend.

Specifically, Brex today revealed Payables, its AI-enabled Accounts Payable (AP) offering, while Rho announced new AI-powered Accounts Payable automation capabilities. Brex’s offering is live today while Rho said its new capabilities will be live later this month.

Via email, Brex co-CEO and co-founder Henrique Dubugras told TechCrunch that launching the new product had been “in the works” since the startup started building Empower, its spend management platform, over a year ago.

He noted that while Brex has used artificial intelligence for years in various capacities such as customer support and underwriting, what is new now is that it partnered with “multiple” machine learning companies such as Scale AI and Photon “to drive the highest accuracy of information extracted from invoices.”

Prior to this launch, Dubugras said that Brex offered a lighter version of bill pay that gave customers the ability to send scheduled and recurring payments. Now, he said they will “have even more advanced spend controls with multi-level approvals.”

For its part, Rho said it is offering AI-powered invoice and bill processing to its clients. Specifically, invoices sent to a designated AP inbox will “undergo automatic digitization” powered by generative AI technology.

In a statement, the company said the process “transforms the invoice into a bill and creates a corresponding liability in the client’s integrated ERP system. Clients can then authorize bill payments through Rho one by one or in bulk, with liabilities automatically marked as paid in the ERP.”

Rho CEO Everett Cook told TechCrunch via email that the new capabilities had been in the works for nearly a year, building on the company’s initial accounts payable release in 2021. Rho has partnered with OpenAI — a portfolio company of Rho investor DFJ Growth.

With the new product, he claims, customers will be able to “configure one-click workflows that help finance teams process thousands of payables in seconds.”

“Our position on generative AI is that it is only useful if it is grounded in tangible business value,” said Rishav Chopra, SVP of product & design at Rho.

Large opportunity

Besides wanting to better compete, both Brex and Rho expect their new offerings to increase revenue for their respective companies.

Dubugras said the new payables product should increase the percentage of customers’ spend processed via Brex.

“As a result, some of that spend will be on their Brex card, one way in which Brex earns revenue,” he told TechCrunch. “Plus, using a Brex business account for bill pay, another way in which Brex earns revenue, allows customers to send payments faster, eliminating ACH delays while also earning passive yield.”

Brex claims that it is unique relative to other companies in the market in that it is “the only player” with its own business account that can earn revenue in this way, allowing the company to offer payables for free. (TechCrunch has not independently verified this claim.)

Meanwhile, Rho’s Cook believes that while the “timing is pretty coincidental” with Brex’s announcement, he supposes each of their customers were telling them “the same things” — that “they’re fed up with their legacy AP providers and want a modern solution that’s directly integrated with the rest of their finance stack.”

Legacy providers include the likes of Bill.com and Concur.

Dubugras believes there is a lot of competition in the space for a very good reason, telling TechCrunch: “The spend management space is very dynamic and that is because the opportunity is so large across SaaS and payments. Beyond the noise there is still a lot of differentiation between the players.”

Rho’s Chopra also believes that the current macro environment has led to increased pressures on the part of CFOs and finance teams “to move faster than ever and operate leaner.” This in turn has — for obvious reasons — created more demand for spend management products.

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The competition in the spend management space continues to intensify. Brex and Rho today each announced AI-powered/enabled accounts payables offerings. Their announcements coincidentally came out the same day competitor Ramp announced it had expanded into procurement — further evidence that the companies in the space are clamoring to not only meet customer demand but presumably

Politics

Donald Trump Named TIME’s 2024 Person of the Year

Published

2 weeks ago

December 15, 2024

Bolanle Media Staff

Donald Trump has been selected as TIME magazine’s Person of the Year for 2024, marking his second time receiving this distinction. The former president, who won a historic comeback victory in the 2024 election, was chosen for his significant impact on global affairs and American politics.

TIME editor-in-chief Sam Jacobs explained the decision, citing Trump’s “comeback of historic proportions,” his role in driving “a once-in-a-generation political realignment,” and his reshaping of both the American presidency and the country’s global role. This recognition comes after Trump’s unprecedented achievement of reclaiming the White House after losing reelection four years earlier.

The selection process involved an extensive interview with Trump at Mar-a-Lago in November, covering a wide range of topics including the economy, foreign policy, and his plans for a second term. Notably, TIME took the unprecedented step of publishing a comprehensive fact-check alongside the interview transcript, examining 15 distinct assertions made by Trump.

Trump’s relationship with TIME has been tumultuous over the years. While he expressed honor at receiving the title in 2016, he has also criticized the magazine’s selections and even claimed he refused a potential Person of the Year offer in 2017. Despite this, Trump participated in the process this year, granting TIME access for an in-depth interview.

To commemorate the announcement, Trump rang the opening bell at the New York Stock Exchange (NYSE). This event marked a significant moment in Trump’s career, as it was his first time participating in this Wall Street tradition.

Trump’s selection as Person of the Year reflects his continued influence on American politics and his ability to reshape the political landscape. As the country prepares for his return to the White House, all eyes will be on how Trump’s second term might further impact both domestic and international affairs.

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Film Industry

Jay-Z Denies Allegations Amid Lawsuit

Published

2 weeks ago

December 9, 2024

Bolanle Media Staff

Jay-Z, the renowned rapper and music mogul, faces serious allegations in a recently amended civil lawsuit. According to ABC News and NBC News, the suit accuses him and Sean “Diddy” Combs of raping a 13-year-old girl at an MTV Video Music Awards after-party in 2000.

The lawsuit, initially filed in October 2024, was updated on Sunday to include Jay-Z as a defendant alongside Combs. The plaintiff, identified only as “Jane Doe,” claims she was assaulted after being driven to the party following the awards show.

Jay-Z, whose real name is Shawn Carter, vehemently denies the allegations. He released a statement on X calling the lawsuit a “blackmail attempt” and questioning why it was filed as a civil case rather than a criminal one. The rapper expressed concern about the impact on his family, stating he and his wife Beyoncé would need to discuss the situation with their children.

Combs, who is currently in federal custody on separate charges, has also denied the accusations through his attorneys. The lawsuit alleges that an unidentified female celebrity was present during the incident but did not intervene.

The case has garnered significant media attention, with both artists’ reputations at stake. As the legal process unfolds, the music industry and public await further developments in this high-profile case.

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Business

David Sacks: The New White House AI and Crypto Czar

Published

3 weeks ago

December 6, 2024

Bolanle Media Staff

According to CNBC and NBC News, David Sacks, a prominent venture capitalist and former PayPal executive, has been appointed as the White House AI and Crypto Czar by President-elect Donald Trump. This newly created position underscores the incoming administration’s focus on artificial intelligence and cryptocurrency as critical areas for American competitiveness.

Role and Responsibilities

Sacks will be tasked with several key responsibilities in his new role:

Guiding policy for the administration in AI and cryptocurrency
Establishing a legal and regulatory framework for the cryptocurrency industry
Safeguarding free speech online, and steering away from Big Tech bias and censorship
Leading the Presidential Council of Advisors for Science and Technology

Trump emphasized that Sacks will focus on making America the clear global leader in both AI and cryptocurrency.

Background and Qualifications

David Sacks brings a wealth of experience to his new position:

Former Chief Operating Officer of PayPal
Founder of Yammer, which was sold to Microsoft for $1.2 billion in 2012
Co-founder of Craft Ventures, a venture capital firm
Investor in major tech companies including SpaceX, Palantir, Uber, and Airbnb

Sacks is also known for his close associations with tech entrepreneurs like Elon Musk and Peter Thiel, being part of the “PayPal Mafia“.

Political Involvement

Sacks has been a vocal supporter of Trump during his campaign:

Hosted a fundraiser for Trump at his San Francisco estate, with tickets priced at $50,000 each and a more exclusive $300,000 tier
Delivered a speech at the Republican National Convention in Milwaukee in July 2024
Wrote a detailed essay on X explaining his reasons for supporting Trump

Implications for AI and Crypto Industries

The appointment of Sacks signals a potential shift towards more crypto-friendly policies and regulatory clarity for the digital asset industry. This move, along with Trump’s nomination of crypto advocate Paul Atkins to head the Securities and Exchange Commission, marks a departure from the stricter oversight approach seen under the previous administration.

As the White House AI and Crypto Czar, Sacks is expected to play a crucial role in shaping the future of these rapidly evolving technologies in the United States, potentially influencing their development and adoption on a global scale.