The future of expense management is integrated and vertical 💸; FTX is swimming in cash and looking at a massive acquisition 🤯; Have NFTs hit the bottom already? 🤔

Good Morning FinTech, 23 August

Good evening Everyone,

And happy Tuesday! Today’s issue is coming late but the excitement is definitely worth the wait. Today we will see why the future of expense management is integrated and vertical (if you’re in SME finance, you can’t ignore this); FTX that is swimming in cash and looking at a massive acquisition (it will be huge!); and check whether NFTs have hit the bottom already (it might get darker before the sun). Let’s jump straight into the fascinating stuff:

The future of expense management is integrated and vertical 💸

The news 🗞 Corporate spend and cash management company Rho just announced that it is adding expense management to its offerings with “custom controls designed to make expenses less painful.”

More on this 👉 Founded in 2018, Rho has raised $205M in equity and debt financing to date (with a $75M Series B round in December) with a focus on automating the back-office and building the platform to enable ‘self-driving’ finance in the enterprise.

Their new product seems to fit very well with their mission.

The USP 🥊 Rho’s expense management experience has 3 key features: (1) custom spending rules builder, (2) automated approval workflows, and (3) streamlined reimbursements (currently in beta).

Of course, this isn’t particularly unique (other players are doing this already), but it does give you a hit on what the future of expense management is going to be like.

And the future of expense management is integrated and vertical. It’s a massive (& growing) sector to play in, so here’s the takeaway: