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Flex by Finaxar Helps SMBs With Spending Controls

Small and medium-sized businesses (SMBs) can now issue Flex Visa Debit cards to their employees to better regulate business expenditures using Singapore-based FinTech platform Finaxar Holdings Pte Ltd’s Flex by Finaxar.

The cards have access to the SMB’s Flex account, and businesses can set up spending controls and choose which categories are allowed to reduce the chances of abuse.

Business owners can set specific monthly spending limits with transaction limits using the Flex by Finaxar platform and make payments easier, while giving business owners control of all expenses.

“We believe that you can’t manage what you can’t control,” said Dr. Tan Sian Wee, group chief executive officer of Finaxar Holdings Pte Ltd, in the joint announcement. “The addition of advanced spend controls on the Flex app will allow SMEs to wield complete control of their business expenses from end to end.”

Flex by Finaxar helps SMBs get more accurate, real-time insights on spending, payables and credit lines. Cardholders can also access working capital up to S$100,000 (about $74,000) in interest-free credit, approved within 48 hours, for up to 35 days.

Flex by Finaxar’s partnership with ipaymy allows Singapore businesses to access credit lines with their Visa cards to pay expenses including rent, salaries, invoices and corporate tax.

“Providing SMEs with a solution that is simple to use, flexible, and with real-time capabilities is front and center of our innovation,” said Tan. “This will empower SMEs to stay responsive to business demands and reduce manual administrative tasks.”

Related: Finaxar, Visa Partner To Unify Spend Management For SMBs

Finaxar announced the launch of its Flex by Finaxar program last year.

Vihang Patel, co-founder and CEO of Finaxar, said at the time that the company has “realized that businesses are challenged by slow transaction times due to manual administration of invoices, payments and receivables. This impacts their cash flow and overall responsiveness to business demands.”

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