Brex launched its first corporate credit card for e-commerce start-ups.
Based in San Francisco and cofounded by engineers Henrique Dubugras and Pedro Franceschi in 2017, Brex is “one of the fastest-growing B2B start-ups.” It offers financial services to start-ups and is powered by proprietary software technology.
Rewriting the script for how start-ups should access credit, Brex helps the technology start-up market “bypass the problems of legacy banking” through its corporate cards. Those companies with Brex include Boxed, Amour Vert, Hims and Reese Witherspoon’s Draper James.
Its latest corporate credit card is designed specifically for e-commerce start-ups, focused on e-commerce tools and solutions that are relevant and benefit their businesses.
Essentially “reimagining the underwriting model” through its proprietary software platform, Dubugras said in an interview with WWD, Brex allows a brand to “get a card in five minutes.”
With their Brex card, users can access an open line of credit with 0 percent APR in 60 days and the “convenience of a universal card network and no foreign transaction fees.”
Partnering with Brex for their credit card operations, San Francisco-based sustainable fashion brand Amour Vert is an example of a growing company, which prioritizes “easy and efficient” card setup as well as virtual card functionality aiming to minimize risk with online shopping and international trade.
“We were able to sign up online, got an immediate decision and our officers are not personally liable,” informed Amour Vert’s chief operating officer Celina Johnson in a statement to WWD. A start-up themselves, Brex’s chief differentiator is in their understanding of startups, Johnson added “they [Brex] get the needs of growing businesses.”
At just two years old, the company is already valued at $1.1 billion as of media reports in October, while raising $215 million in funding to-date.
Brex is backed by the cofounders of PayPal, Ribbit Capital and Y Combinator, the Silicon Valley-based seed accelerator that funds early-stage start-ups, of which it also participated, among others.
Removing the traditional restrictions for corporate cards, Brex’s corporate cards prioritize ease of access with higher limits than traditional corporate cards offers.
“We understood the challenge that e-commerce companies faced, and we built a card for them,” Dubugras reiterated to WWD.