BENGALURU: Having worked in a corporate sector and being a regular user of a corporate card, Anshul Rai and Varun Rathi knew how important it is to have a corporate card which was user friendly.
With a hunger to take up something challenging, both the co-founders set up on a journey to solve an age old problem of managing business spends.
“The process followed by Indian companies to manage business expenses is slow, complex and broken. Majority of expenses are made in cash. Management has no real control or visibility into how cash is being spent. Employees spend hours creating expense reports, manually. Accountants spend days reconciling stacks of paper receipts and spreadsheets. Through Happay, we aim at automating the process,” says Anshul.
The startup helps firms track expenses in real time using a tool that is integrated with mobile-enabled payments platform. The company can also set expense limits per employee through the app. The card can be remote controlled through a mobile app and a web platform.
Explaining how the card works, he says, “The company using our services allocated Happay cards to all its employees. They use it for any kind of transaction. As soon as the VISA card is swiped or the money is withdrawn from the ATM, the expense gets recorded in the employee’s account. Happay’s business expense management solution is integrated with web and mobile platform which lets employees report expenses on their mobile app. The accountants approve and reconcile expenses instantly on web or mobile. Managers can define spending limits and policies. Employees spending can be tracked and manage in real-time from a centralised online platform,” he informs.
Ask them about the challenges they faced, Anshul recalls that the banks were not sure if they will be able to pull off the idea successfully as they did not belong to banking or payment background.
“We were literally asked to walk out of meetings,” he recalls. But the founders picked the skills from experts in the industry. Happay now offers Visa cards in collaboration with Ratnakar Bank.
The startup has not only helped the CEO of the company become an extrovert. “Though process of picking skills was one part of the job, another was to manage the team. Being an introvert, it would have been difficult to handle a team of 180. That helped me pick the skill.”