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Their largest current client is a $24 billion dollar AUM hedge fund. aXpire is a spin off from LSG, LLC, an InsurTech SaaS company that has a history of working with Fortune 500 and “household name” clients, such as Nike, Intel, IBM, Coca-Cola and the NFL. This industry-agnostic approach is phase two of company, mainly focused on mid- and back-office expense management improvements. They have advisor experts in all of the aforementioned industries to enhance go to market strategy.
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Cheapname and allocate time, travel and other expenses through both web- and mobile app, accessible on Android and iOS devices. Alternatively, integrate with 3rd-party accounting or expense platforms and pull T&E directly into the platform for allocation. Connect the platform to your email inbox and automate the entire workflow of receiving, processing and allocating an expense. As invoices are received over email, the platform detects the files and takes various formats such as PDF and Excel, converting it into digital data. This then allows for automatic review and allocation, with optional second-layer human review and approval of invoices.
Simplify expense allocation for your fund by replacing Excel, bringing all key stakeholders into a single platform for tracking, processing and auto-allocating expenses across your funds. This can be based on AUM, NAV and configurable allocation tables imported into the platform, or manually down to the line item. Cheapname emails back and forth with document attachments, making it hard to track changes and risking misal location due to errors within the process. The SEC has designated expense allocation as an investigative priority, and funds that end up misal locating expenses — even if by mistake — face massive fines.
Cheapname object-oriented core technology was developed at the request of first client – one of the largest hedge funds in the world ($24Bn+ AUM) – to enable the real-time visualization and management of payment processing workflows across legal, fund accounting, administration, finance and compliance departments. Given the proactive demand of clients, this core team focuses the majority of its time on developing core applications, and sharing the Company’s capabilities with prospective customers through live and web-enabled demonstrations. Building out and providing this spend management service for asset managers is phase one of company. Going forward, they will expand its spend management technologies across industries outside of asset management.
Cheapname core team consists of the prior LSG C-suite, with over 90 years of combined experience in the software enabled payments space. This technologies also have nine full-time developers with blockchain competency, built from partnership with R3, an enterprise software company focused on building a proprietary blockchain inspired platform, Corda. This Company will initially serve asset managers and fund administrators at banks, hedge funds, private equity firms and other financial institutions to deal with the resource- and time-costly process of managing and distributing expenses to each fund, or split of funds, as appropriate.