How Brex and Ramp Are Leveraging AI to Transform Fintech
The Rise of AI in Spend Management
Once, every company aspired to become a fintech. Now, the question is: Will every fintech evolve into an AI-driven enterprise? Leading spend management platforms like Brex and Ramp are betting on it, integrating cutting-edge AI to streamline operations and enhance user experiences.
Ramp’s AI Integration with Microsoft Copilot
Ramp recently announced a groundbreaking integration with Microsoft Copilot, bringing generative AI capabilities directly to Microsoft Teams users. This allows professionals to interact with Ramp’s AI assistant using natural language, simplifying expense management without leaving their workflow.
Brex Assistant: Automating Finance Queries
Not to be outdone, Brex launched Brex Assistant in September, a flagship feature of Brex AI. Beyond automating expense reporting, it answers employee finance queries—such as daily spending limits—reducing reliance on finance teams.
“This is just the beginning of AI’s impact on rethinking employee and user experiences,” said Brex co-CEO Henrique Dubugras.
Navan’s Early AI Adoption
Earlier this year, Navan (formerly TripActions) became the first travel company to integrate OpenAI and ChatGPT APIs across its platform. The AI-driven virtual assistant Ava personalizes travel recommendations and enhances engagement while optimizing backend operations.
The Bottom-Line Impact of AI
While AI promises efficiency gains, its financial impact remains under scrutiny. Reports suggest Brex’s Q3 revenue growth slowed to 1%, though the company attributes this to a post-SVB surge normalization.
A Brex spokesperson clarified:
- Year-over-year growth remains strong at 80%+ in gross profit.
- Empower software revenue grew nearly 50% this year.
The company, valued at $12 billion, remains tight-lipped about IPO plans, rumored for 2025.
Meanwhile, Ramp raised $300M in August at a $5.8B valuation, reporting $300M+ in annualized revenue. Compe***** Navan also hit $300M in 2022 revenue, last valued at $9.2B.
The Competitive Landscape
Legacy players like Concur and Expensify face mounting pressure as AI-driven startups redefine spend management. Efficiency and customer experience are now key battlegrounds.
Wise’s Cross-Border Payment Dominance
In a separate fintech highlight, Wise continues thriving with:
- 22% YoY revenue growth ($314.7M in Q2).
- 51% YoY income growth ($420M).
- 16M customers and profitability since 2017.
CTO Harsh Sinha emphasized Wise’s pay-for-value model and expansion beyond transfers:
- Users can hold 50+ currencies like a multi-currency account.
- Instant transfers (e.g., Australia in <20 seconds) via direct local payment networks.
Fintech News Roundup
Regulatory Shifts in India
India’s central bank tightened unsecured loan regulations, potentially slowing fintech lending growth. Analysts note 39% of 2023 retail loans went to borrowers with 5+ active loans.
Paystack’s Strategic Refocus
African payments giant Paystack laid off 33 employees in Europe/Dubai, doubling down on Africa (Nigeria, Ghana, Kenya, South Africa) with beta tests in Ivory Coast, Egypt, and Rwanda.
FinOps: Cloud Cost Transparency
Tech giants (AWS, Microsoft, Google, Oracle) partnered with the FinOps Foundation to standardize cloud spend tracking—a win for SaaS cost management.
Venmo’s Group Expense Feature
Venmo now lets users split costs among groups, threatening niche apps like Splitwise.
Chipper Cash & Visa Expand Partnership
The African fintech deepened ties with Visa to boost financial inclusion, following its AI-driven Chipper ID launch.
Funding & M&A Highlights
- Tanda: A community-driven savings/lending network. (Read more)
- Puzzle: Raised $30M for AI-powered accounting.
- Happy Money: Secured new funding for debt-free solutions.
- Defacto: French fintech landed a Citi Ventures extension.
Image Credits: Bryce Durbin
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