Secure logistics and security provider Brink's is going
after small and midsize enterprises with a combined Travel + Expense MasterCard
debit card and expense solution. Brink's is white-labeling the card and expense
solution from financial solutions startup Bento for Business.
The solution consists of both plastic cards travelers use
for purchases and a platform, available on desktop and Android and
iOS mobile devices that allows administrators to set spending limits for
travelers by day, week or month; to disable cards; and to block merchants,
times and days when the cards can't be used. Administrators also can filter the
dashboard to see spend by employee, card number, spend category, time frame or
expense tags. If a traveler tries to make a purchase outside the allowed
parameters it will be declined and the travel manager will receive an alert.
Meanwhile, when travelers make a purchase, the app prompts them
to photograph the receipt. Travelers then pair the receipt to a transaction and
make a note as needed. Travelers can request additional funds through the app,
and administrators can approve such requests through the app, as well, said Brink's
North America general manager for payments Miguel Zepeda. In the future, receipts
and charges will pair automatically, according to Bento CEO Farhan Ahmad.
Client companies must open an account with Brink's issuing
bank partner Bancorp Bank and transfer money in to fund the debit cards, Zepeda
and Ahmad explained.
In
February 2015, Bento raised $2.5 million in seed financing from investors led
by Anthemis Group. Other investors were Blumberg Capital, LionBird and Pivot
Investment Partners.