Swap rolls out BaaS for corporate expense market

Brazil-based Swap has rolled out a new Banking-as-a-Service (BaaS) solution, called Corpway, aimed at managing and controlling corporate expenses, according to Startups.

On the platform, the company intends to offer, in its traditional white label model, prepaid credit card solutions, access to data for reconciling expenses, and automating reimbursements, in addition to anti-fraud features.

With Corpway, the goal is to address the growing market for expense management solutions, which, according to a survey carried out by Swap, moves around BRL 650 billion in Brazil alone. According to Swap staff, this market is at least three times larger (in traded values) than the benefits market. The comparison refers to the segment that was one of Swap's growth pillars in 2021, with the development of Multiflex cards, the technology behind several flexible benefits players in the country.

Part of this technology came into the field to help build the Corpway platform, investing in solutions for customising usage rules, greater transparency in transaction data, and the integration of this information for reconciliation in management software.

In addition to more information on the identification of expenses, the platform created by Swap was developed to support other configurations, such as hierarchical issues of companies. To give an example, cards from a manager or an employee traveling can be differentiated, with a greater granularity than simply handing over a ‘firm card’ and asking for the invoices later.