AI comes to expense reports

News Summary

  • Last week, we wrote about the company’s plans to lay off 2,000 employees.In July 2022, Brazilian fintech launched novücard, a credit card in Brazil that has a “dynamic” credit limit, with the ability to see the limit adjusted upward and downward automatically based on usage and payment timeliness.
  • A company spokesperson told me that since that launch, novücard has grown to 150,000 new clients, “making it the fastest growing credit card in Brazil.” She added: “As many as 3,000 new customers per day are obtaining a new novücard.
  • In October, amid its continued growth, the company raised $154 million in equity at a post-money valuation of $9.2 billion, up from its prior valuation of $7.5 billion, as well as a $150 million structured financing deal from Coatue.
  • The company expects this figure will grow, boosted primarily by word of mouth — and that the number of customers will increase to 2 million by the end of 2023.” Founded by American Brad Liebmann, fintech has 130 employees based primarily in São Paulo and São Carlos.
  • The company raised $5.5 million in seed funding in May of 2021.Former Gemini CTO launches Fierce, a high-yield finance super appNew social investment platform Follow taps influencers to mirror their investment strategiesSUMA Wealth acquires Reel to close the U.S. wealth gap.
  • They say also that admins can use the tool as a personal assistant to perform tasks such as performing personalized data analysis, providing granular carbon emission details or ordering corporate cards for their company.
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