Emburse and Mastercard streamline Amazon Business payments
With new features unlocked to those who hold Mastercard corporate cards, Amazon Business users will benefit from automated receipt generation and expense itemisation via Emburse’s product and service suite.
Effectively eliminating the tedious process of manually uploading line-item breakdowns of purchases, as well as linking e-receipts with corporate credit cards, the company’s innovative use of ‘’ means the entire process can be automated and streamlined for convenience.
Emburse’s solution does this by uploading e-receipts directly to the customer’s integrated wallet, analysing each transaction and then categorising the items according to both the user’s purchase history and the company’s internal policy.
Changing B2B payments
James Anderson, Executive VP of Global Commercial Products at Mastercard, stated that, at a time of great flux within the digital payments space, Emburse’s software solutions were well-placed to help facilitate next-gen service.
“Business-to-business (B2B) payments are changing, to work harder and smarter, and capitalise on the accelerating shift to the digital economy. Mastercard is modernising the business payment ecosystem to provide greater control, automation and efficiencies.
“Emburse’s solution is innovative technology supporting this digital shift, helping create smarter business payment options for a businesses’ purchasing and expense management.”
For Eric Friedrichsen, CEO of Emburse, the opportunity to collaborate with Amazon, perhaps the leading corporate figure in an era of digital commerce, is a big opportunity for shaping the future of payments infrastructure.
“We are proud to help business customers streamline the expense process,” he said. “Outside of travel bookings, Amazon is one of the most commonly expensed merchants that we see.
“Many of our customers are using Amazon Business for their business purchases and are looking for a solution that automates the expense process. This integration takes what was previously a time-consuming and manual task and makes it happen at the touch of a button.”
Amber Group Valued at US$1bn in $100m Funding Round
Amber Group, a cryptocurrency financial services firm, has raised US$100m in a Series B funding round at a pre-money valuation of $1bn.
The funding round was led by Chinese investment firm China Renaissance, and other participants in the Series B include Tiger Brokers, Tiger Global Management, Arena Holdings, Tru Arrow Partners, Sky9 Capital, DCM Ventures and Gobi Partners. Existing investors Pantera Capital, Coinbase Ventures and Blockchain.com also joined in.
Michael Wu, co-founder and CEO of Amber Group said in a statement that the funding would be used to “expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies.”
“We’ve had record months over the past quarter across both client flow and on-exchange market-making volumes,” Wu said in a press release. “Our cumulative trading volumes have doubled from $250 billion since the beginning of the year to over $500 billion.”
Cryptocurrencies are becoming increasingly popular, with many people investing, although not everyone seems to know what they are investing in. Using survey data collected from 750 investors earlier this year, Cardify found that only 16.9% of investors who have bought crypto “fully understand” the value and potential of cryptocurrency, while 33.5% of buyers have either zero knowledge about the space or would call their level of understanding “emerging.”
Who is Amber Group?
Amber Group is a global crypto finance service provider with a presence in Hong Kong, Taipei, Seoul, and Vancouver. Founded in 2017, Amber Group services over 500 institutional clients and has cumulatively traded over $330 billion across 100+ electronic exchanges, with over $1 billion in assets under management. The company said that its assets under management, or AUM, reached $530 million in 2020, representing a 275% increase from the previous year.
Instead of being a cryptocurrency exchange that allows users to trade individual digital coins, Amber Group CEO Michael Wu said the company is bringing a “private banking experience to the everyday customer.”
Their goal is to optimise investment flexibility, maximise investment returns and deliver long-lasting value for their clients. In 2019, Amber Group raised $28 million in Series A funding led by global crypto heavyweights Paradigm and Pantera Capital, with participation from Polychain Capital, Dragonfly Capital, Blockchain.com, Fenbushi Capital, and Coinbase Ventures.