INSUBCONTINENT EXCLUSIVE:
Brex, the corporate card built for startups, unveiled its new rewards program today.
The billion-dollar company, which announced its $125
million Series C three weeks ago, has partnered with Amazon Web Services, WeWork, Instacart, Google Ads, SendGrid, Salesforce Essentials,
Twilio, Zendesk, Caviar, HubSpot, Orrick, Snap, Clerky and DoorDash to give entrepreneurs the ability to accrue and spend points on services
and products they use regularly.
Brex is lead by a pair of 22-year-old serial entrepreneurs who are well aware of the costs associated with
They&ve been carefully crafting Brex list of partners over the last year and say their cardholders will earn roughly 20 percent more rewards
on Brex than from any competitor program.
&We didn&t want it to be something that everyone else was doing so we thought, what different
about startups compared to traditional small businesses& Brex co-founder and chief executive officer Henrique Dubugras told TechCrunch
&The biggest difference is where they spend money
Most credit card reward systems are designed for personal spend but startups spend a lot more on business.&
How the 22-year-old founders of
Brex built a billion-dollar business in less than 2 years
Companies that use Brex exclusively will receive7x points on rideshare, 3x on
restaurants, 3x on travel, 2x on recurring software and 1x on all other expenses with no cap on points earned
Brex carriers still using other corporate cards will receive just 1x points on all expenses.
Most corporate cards offer similar benefits for
travel and restaurant expenses, but Brex is in a league of its own with the rideshare benefits its offering and especially with the
recurring software (SalesForce, HubSpot, etc.) benefits.
San Francisco-based Brex has raised about $200 million to date from investors
includingGreenoaks Capital, DST Global and IVP
At the time of itsfundraise, the company told TechCrunch itplanned to use its latest capital infusion to build out its rewards program, hire
engineers and figure out how to grow the business client base beyond only tech startups.
&This is going to allow us to compete even more
with Amex, Chase and the big banks,&Dubugras said.
