24 Oct Brex and Mastercard Partner on U.S. Expansion
PURCHASE, N.Y.–(BUSINESS WIRE)–Mastercard today announced that Brex, the financial technology company that helps ambitious companies scale, has partnered with Mastercard as its preferred network to bring cutting-edge technology and top-tier benefits to its corporate card portfolio in the United States. This is a further investment in a partnership that began earlier this year when Brex started issuing World Elite Mastercard for Business®.
Under the program, Brex Mastercard cardholders will receive segment-specific benefits in addition to the core benefits of the Mastercard World Elite program. World Elite program benefits will include cell-phone insurance, rental car insurance, and ID theft protection, while the Brex rewards program will provide $50,000 worth of partner offers from AWS, Salesforce, Zoom, and many more.
San Francisco-based Brex provides startup founders, ecommerce, and life science companies corporate credit cards that require no personal guarantees, deposits or credit scores. In addition to their card programs, Brex provides easy-to-use financial and expense-management tools for seamless reconciliation. Brex has grown at breakneck pace over the last two years – since it was launched, the company has both identified and solved for challenges that have plagued small businesses and entrepreneurs through access to credit.
“We are pleased to announce an expanded partnership with Mastercard to continue our shared mission to support the entrepreneurial ecosystem,” said Henrique Dubugras, co-founder and co-CEO at Brex. “Leveraging the depth of Mastercard’s payments platform and global scale allows us to innovate on features and technology that better serves our customers.”
Mastercard’s technology is industry-leading and will enable Brex to address the needs of an expanding customer base. By working with Mastercard, Brex will leverage the network’s platform innovation to develop new features, rewards, and experiences for its cardholders.
“Co-creation is in our DNA. We are pleased to deepen our partnership with Brex, a leader in providing corporate card programs to other technology and life sciences companies,” said Craig Vosburg, president of North America, Mastercard. “From launch to expansion, we make it easy for fintechs to collaborate with us and use our technology and products to deliver innovative solutions to meet their customers’ needs. Our dedicated programs for fintechs ensures that we are focused on helping and enabling them with digital technologies, commercial connections, and strategic investments.”
Brex card rewards and other functionalities are providing businesses the head start that they need to succeed.
“Based on the card functionality, ability to track spend post purchase, and the user experience any time I’ve been on the [Brex] site, I’m pleasantly satisfied and enjoy that this card experience feels tailored to a new, tech-forward, customer-centered business like ours,” said Ursula Lopez-Palm, Operations and Recruiting at Propel.
A 30-day credit card with up to 7x points on categories startups use the most.
For Life Sciences
A 30-day credit card with 3x back on lab supplies and 7x on conference tickets.
A net-60 credit card to improve your brand’s cash flow, with no interest.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
Brex is transforming B2B payments by creating corporate cards, rewards, and travel programs that are tailored to specific industries. In 2018 Brex launched the first corporate card and rewards program specifically designed for startups. By rebuilding the credit card tech stack from the ground up, Brex is able to reimagine every aspect of corporate cards, including underwriting, transparency, and approvals, to create a radically better experience for customers. Brex is backed by Y Combinator Continuity, Peter Thiel, Max Levchin, and more, and has raised $315M in equity and $100M in debt capital. The company’s headquarters are in San Francisco with an additional office in the Salt Lake Valley. Visit www.brex.com for more information.
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