As travel budgets fluctuate, Emburse helps more businesses digitize T&E processes
- Corporate travel is a particularly complex part of spend management and it is also the area that is first to face cuts when a firm tightens its purse strings.
- Emburse, a T&E technology provider, is working with Mastercard as its payments network for its cards. Together the companies expect the space to grow significantly over the coming decade.
Spend management is expected to grow to $38 billion by 2030, up from $18.43 billion this year. And as the space becomes more competitive, some payments firms, like Wise, are already moving into the space.
One particularly complex part of spend management is keeping track of expenditure when employees travel and it is also the area that is first to face cuts when a firm tightens the purse. Travel and expense management is a common problem, which is also complex. And in this economy, it’s changing quickly as firms strategize how best to meet macroeconomic headwinds.
What’s up with spend management?
“A key pain point that the T&E industry faces is the cyclical nature of business travel. When the economy tightens, one of the first corporate budgets to get reduced is travel. However, some companies have done well in responding to this by introducing card issuance as a new service. This enables them to expand their focus beyond travel into other areas of employee-driven corporate spend, such as software subscriptions and other vendor payments,” said Eric Friedrichsen, CEO of Emburse, a travel and spend (T&E) management technology provider.
Recently Emburse named Mastercard as the payments network for its cards. Emburse Cards can be used by firms to set spend limits, issue physical and virtual cards, and enable the use of dispensable virtual cards for each vendor a firm uses, so that the company can track their payments easily.
