Finofo Unifies AP, Expenses and Purchasing Without Replacing Corporate Cards

Canadian fintech Finofo has expanded its AI-powered finance platform beyond accounts payable to include expense management and purchasing.

The platform now brings vendor invoices, corporate card expenses, employee claims, purchase orders, approvals, payments and reconciliation into a single workflow connected to a company’s existing accounting or enterprise resource planning system.

Unlike many spend-management platforms, Finofo does not require customers to adopt a new corporate card. Businesses can retain their existing cards and banking relationships while Finofo imports transaction data, matches receipts, applies company policies and prepares expenses for reconciliation.

Employees can submit receipts by text, email or through the Finofo app. The platform then matches each receipt to the corresponding card transaction, codes the expense and checks it against company policies before sending it for approval.

Finofo’s new purchasing tools also allow companies to approve spending before issuing a purchase order and later match invoices against what was approved and received.

“Finance teams do not think in software categories. They think in workflows,” said Finofo CEO and co-founder Prateek Sodhi.

Built in Calgary, Finofo says the expanded platform is designed to reduce the fragmented processes finance teams often use to manage different forms of business spending while allowing companies to retain their existing financial infrastructure.