This Chatbot Is CFO Specific

Fintech companies that move from a $25 million valuation to a $12.3 billion valuation in six years deserve some attention.

Especially for a company that builds AI-infused chatbots specifically for chief financial officers.

That’s the case with Brex Inc., a San Francisco, Cal.-based financial technology founded in 2017 by Stanford University drop-outs (and teenagers) Henrique Dubugras and Pedro Franceschi.

The company was initially designed as a fintech alternative to business credit cards and has morphed into a company that offers broader forms of software for professionals, including masterclasses on things like cash and spend management for company founders and rising executives.

One more recent tool rolled out may catch the eye of chief financial officers – or more specifically, their vocal chords.

The product leverages the same technology behind OpenAI’s ChatGPT to enable CFOs to provide relevant insights on corporate spending and answer critical business questions in real-time, using their own CFO-specific AI chat tool.

The natural language AI features, included in the Brex Empower corporate financial management platform, “provides CFOs with live budget capabilities, and gives them the power to answer a wide range of questions related to utilization on various budgets, insights on spend patterns, vendor trends, and more,” the company stated in a release.

Company financial managers can also access custom graphs “that help visualize spend evolution and can provide per-employee data to better understand efficiency and opportunities,” Brex noted. CFOs will also gather data anonymously aggregate data from Brex customers, helping company financial decision-makers better understand whether their spending on things like financial software or office products is proper or too expensive.

Getting the Right Answers in Real Time

Using the Brex enterprise software platform’s AI chat tool, CFOs can also compare their business activities to others in similar industries. The new bot can mine data from millions of transactions “to provide relevant comparables that help benchmark performance and spending, all while maintaining and preserving strict privacy” Brex stated.

“Finance leaders can look forward to receiving answers to questions such as, “What is our Github spend relative to other companies who experienced similar employee growth?” and “Which vendors provide overlapping services and what are the savings opportunities,?” Dubugras said.

The company co-founder says CFOs benefit from getting answers to complex company financial queries in seconds, leveraging the speed and power of ChatGPT.

“The future of insights is more than just automated dashboards and charts that take time to analyze. To us, clear, tangible answers to business questions should be received in real-time, all through natural language,” said Henrique Dubugras, co-founder and co-CEO of Brex. “There’s like 200 different questions that finance teams have to answer to employees,” he said. “The bot will let those people spend less time answering questions and focus more on their job.”

The Brex Empower platform enables business users to request business credit cards, set spending limits, handle vendor payments, and pay business credit card-using employees, among other services. The ChatGPT tool is part of the Brex Business Account. There’s no cost for Brex Business Account users.



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