Brex and Bank of the West rolled out a co-branded credit card targeting startups and early stage businesses.
- This is the first co-branded corporate card for Brex and represents another channel of growth for the company.
- Bank of the West, a subsidiary of BNP Paribas, recently launched its Innovation Hub to provide banking services for startups.
- The two companies first piloted a co-branded corporate card in Q2 of 2019. Based on consumer demand and adoption, the companies will roll out the card broadly to Bank of the West's commercial clients.
- Brex is backed by investors like Y Combinator Continuity, Peter Thiel, and Max Levchin, and has raised $315 million in equity and $100 million in debt capital.
Brex's corporate cards for startups don't require security deposits or commercial credit history, two important hurdles for young companies applying for corporate credit cards.
- Brex cards provide startups with underwriting, expense management, rewards features, and automatic receipt capture. Customers also get up to 7x points on categories they use most, like rideshare.
- Bank of the West and Brex co-branded corporate card customers will receive a 30,000 Brex rewards points signup bonus upon spending $1,000 in charges.
Brex has rolled out a variety of new products recently.
- The payments upstart launched Brex Cash, a corporate high yield bank account that doesn't charge fees for ACH and wire transfers.
- The company introduced a credit card for ecommerce companies that gives cardholders Net 60 day payment terms interest free.
- Brex also recently strengthened its collaboration with Mastercard, as cardholders receive World Elite program benefits that include cell-phone insurance, rental car insurance, and ID theft protection, in addition to Brex's reward program.