Calgary fintech Finofo is expanding its AI-native finance platform with new expense-management and purchasing capabilities.
The homegrown company initially focused on automating accounts payable, including invoice data extraction, coding, purchase-order matching and approval routing. Its expanded platform now covers vendor invoices, corporate card expenses, employee claims, purchase orders, payments and reconciliation.
Finofo is positioning the product as an alternative to fragmented finance systems that handle invoices, expenses and procurement separately. The company says its shared workflow allows businesses to apply approval policies across different types of spending and send completed records into their existing accounting or enterprise resource planning system.
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A key distinction is that companies do not need to replace their existing corporate cards or banking relationships. Finofo can import card transactions from banks and other providers, match them with employee receipts and reconcile the spending.
Employees can send receipts through text, email or the company’s app, while the purchasing module lets businesses approve spending before issuing a purchase order and match the resulting invoice against what was authorized.
“Some spend needs a PO, some does not,” said CTO and co-founder Charles Maranda. “Finofo adapts to that instead of asking them to change it.”
The launch extends Finofo’s reach from accounts-payable automation toward managing virtually every way money leaves a business.
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