Velocity caters to $32bn corporate diners by serving up expense management with Concur

The Velocity app, which is available to download for iOS and Android, can be found in the Concur App Centre as part of the team-up where it will join the likes of Uber, Airbnb, and InterContinental Hotels Group.

An app update now allows corporate diners to pay via the app as usual, but immediately submit expense receipts as the firm looks to take a significant cut from the $32bn corporate dinning sector.

Adrian Lloyd, business development director at Concur, said: ?Our partnership with Velocity allows our customers to dine at the world?s best restaurants and bars without having to wait for their bill or process numerous receipts.

?This industry-first agreement will save organisations time and money by allowing staff to process their expenses automatically. What?s more, it provides firms with additional insight and transparency into employee spending.?

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Following a $16m Series A investment in June, Mayfair-based Velocity has been highly active in recent months with an overseas expansion.

Velocity acquired New York counterpart Cover in September, followed by a similar takeover of Tab Payments in Canada. The acquisitions resulted in the British business securing access to almost 500 restaurant partners in NYC, San Francisco, Los Angeles, Toronto and Montreal.

And in November, Velocity bought restaurant booking app Uncover, which has 350 high-end eateries as clients, with a view to merge the tech into its own platform in early 2016.

Alain Ducasse Restaurants, Coya, LIMA and Restaurant Story were accessed through the deal, while existing partners on its books included Sketch, Burger and Lobster and Bonbonniere.

Real Business spoke with the founder of the Bonbonniere, Joe Fournier, in July and he explained that the business attracts celebrity ?high rollers and big spenders?, which has allowed the company to scale ? exactly the type of high-profile partner that Velocity looks for.

Of the Concur deal, Alex Macdonald, Velocity co-founder and co-CEO, said: ?40 per cent of employees have at some stage misplaced a work related receipt and many often lose out, rather than go through the hassle of making a claim.

?Our partnership with Concur means that the millions of pounds lost each year through unprocessed dining expenses will be a thing of the past.?

By Zen Terrelonge

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