Shifting spend control before purchase

The real wedge is not prettier expense reports, it is moving the control point from after the purchase to before the money leaves the account. Legacy tools like Expensify, Bill.com, and older card programs mainly help finance clean up receipts and reimbursements after the fact. Keep bundles cards, multi currency accounts, and expense controls in one flow, so a finance team can set limits, issue cards, and see spend as it happens, while monetizing the payment itself through interchange and FX.

• Legacy expense software was built as back office software. In practice that means employees buy first, then file reports, while finance chases receipts and policy violations later. More modern systems win by turning spend into a request, approve, pay, and reconcile workflow, with virtual cards and policy rules embedded up front.
  3 sacra
• Embedded finance changes the business model as much as the product. Card issuing lets platforms offer software that feels free or cheaper, because merchants fund interchange on each transaction. Keep adds more revenue layers on top, including FX on cross border payments and yield or fees tied to capital products.
  1 sacra 2 sacra
• This is why market share can move quickly once an integrated product lands. Teampay described incumbents as systems customers gradually abandon as more spend shifts into the tool employees actually use. Keep is pursuing the same pattern in Canada, where it targets SMBs with lower balances but steady spend, and reached about $14.5M of revenue in 2024.
  1 sacra 3 sacra 4 sacra

The next phase is deeper consolidation around the finance stack. Keep can keep expanding from cards and expenses into AP, working capital, and treasury style workflows, because once a company routes day to day spend through one system, adding the next money movement product becomes a much easier sale.