Business travel management company HRS has acquired Germany-based Paypense to enhance its corporate payment offerings.
Paypense’s open platform allows employees to use digital payment technology to pay for all work-related purchases, not just travel, ensuring compliance to budgets while also capturing data for auditing, steering and sustainability metrics.
Its technology also facilitates pre-approved budgets in real time to individual employees, groups or job candidates via Paypense’s patented “matrix approval engine,” as well as automates receipts for common online portals used by employees, including air, rail, hotel, auto and ride-share suppliers.
“HRS Pay, reinforced by years of proprietary investments and our 2021 purchase of Itelya to propel the digital transformation of payment, is taking the next step in delivering an exceptional ‘in-destination experience for corporate employees,” says Tobias Ragge, HRS CEO.
Subscribe to our newsletter below
“Paypense provides intelligent spend management services for managers and employees alike, whether they are on the road for weeks at a time or supporting a one-day, off-site event that doesn’t require travel. This acquisition represents a new milestone for HRS Pay as we continue to focus on elevating employee satisfaction.”
Adds Christopher Hecht, founder and CEO of Paypense: “With our open platform, we’ve introduced a unique differentiator for the provision of virtual credit cards for pre-approved expenses.
"It’s clear from our industry engagement that there is an appreciation for our approach. We’re working in concert with expense providers and financial institutions, not competing with them as we transition from expense management to spend management. And with all parties squarely focusing on enhancing the employee experience, we’re increasing satisfaction even as we uncover new avenues of payment efficiency.”
When the acquisition closes in August, Paypense’s employees will become HRS Pay employees. Hecht will join HRS Pay as chief product officer.