LayerX and MUFG Bank conclude business alliance agreement
LayerX and MUFG Bank have concluded a basic agreement regarding a business alliance. Through the collaboration between the two companies in the area of corporate expense management, which is essential for corporate activities, the partners will support business transformation for companies to improve operational efficiency, sophistication, and capital efficiency.
Background of the Basic Agreement
LayerX is a SaaS and FinTech startup with the mission of “Digitizing all economic activities.” Its main product, the corporate expense management service “Baqueraq” (hereinafter referred to as “Baqueraq”), is a group of services that seamlessly integrates business operations related to corporate expense management, such as invoice processing, expense reimbursement, and corporate cards, with the support of AI and other technologies. It complies with the Electronic Books Maintenance Act and the Invoice System, making it possible to simultaneously achieve operational efficiency and legal compliance. Since its release in January 2021, Baqueraq has been used by more than 10,000 customer companies, from small and medium-sized enterprises to large corporations.
MUFG Bank is a consolidated subsidiary of Mitsubishi UFJ Financial Group, one of the world’s leading financial groups. As the structure of society and the economy undergoes major changes and the services required of financial institutions become more diverse and complex than ever before, in addition to developing new services in-house, MUFG Bank is working to solve management issues for corporate customers and provide high-value-added services, such as supporting corporate customers’ digital transformation (DX) and improving the efficiency of funding and settlement, through collaboration with group companies and external business operators. Through the utilization of MUFG’s network and solutions, MUFG Bank aims to contribute to solving social issues and realize its purpose of “Committed to empowering a brighter future.”
LayerX and MUFG have collaborated in the development of new businesses utilizing new technologies, such as working together in 2019 to provide next-generation financial transaction services utilizing blockchain technology. Additionally, when LayerX raised funds in 2023, Mitsubishi UFJ Capital and Mitsubishi UFJ Innovation Partners, both consolidated subsidiaries of MUFG, made investments in LayerX, demonstrating a deep involvement with LayerX since its founding.
In light of this background, LayerX and MUFG Bank have decided to explore a business alliance by combining LayerX’s expertise, services, and customer base in the corporate expense management domain with MUFG Bank’s expertise, services, and customer base in the financial domain. Moving forward, the two companies will collaborate to support business transformation for companies in this domain.
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