Finaxar and Visa unify spend, payables, receivables for SMEs

The solution helps SMEs in SEA control, reconcile expenditures.

Finaxar rolled out Flex by Finaxar, a unified management solution jointly developed with Visa, on 15 October.

As a part of Finaxar’s goal to transform and digitise small and mid-sized enterprise (SME) finance, Flex by Finaxar aims to provide businesses with a platform that unifies spend, payables, and receivables. Through Flex by Finaxar, businesses can regulate and manage their spending, as well as track their transactions.

SMEs can also gain access to the Flex Visa Card available as a virtual and physical corporate card, a feature that will only be made available to businesses in Singapore.

The corporate cards let employers have their employees make payments without prior approvals through setting customisable parameters, captured using the Flex by Finaxar platform for easy reconciliation and seamless reimbursements.

Vihang Patel, co-founder and chief executive officer of Finaxar, said businesses’ cash flow and overall response to business demands is impacted by slow, manual transactions.

According to a recent study by SAP Concur 1, the potential economic loss due to inefficient finance and administrative processes in Singapore could amount to $461.86m (US$340m) annually.