Reimbursement Platform Compt Adds Expense Feature

Compt, a reimbursement platform for employee stipends and rewards, is adding an expense management feature to its offering, the company announced this week.

The expense management feature, which will be available to customers as of Saturday, will be integrated into Compt’s platform alongside the stipend and rewards and recognition features, so HR teams can manage all reimbursements in a single dashboard, according to the company. Founder and CEO Amy Spurling said the target customer is small and midsized companies.

“It’s not a team of road warriors but employees who need to submit a few things a year and are really frustrated with expense management tools on the market that charge per seat, per person, per year,” she said. “We’re solving for a very specific problem.”

Compt launched in 2018 with a focus on the stipend side and added the peer recognition feature a few years later. The expense management feature is the “last piece … grounding out the whole offering,” Spurling said, and the company claims to have the only offering that combines all functions on a single platform with compliance features for tax and data security purposes.

Now with a footprint in all 50 U.S. states and more than 60 countries, Compt saw 300 percent customer growth in the first year of the Covid-19 pandemic and 500 percent the second year, Spurling said. The platform currently integrates with leading payroll providers, and Spurling said travel management integration could be coming down the road but is not part of the initial offering.

Michael B. Baker www.businesstravelnews.com