Brex, the first corporate card for startups, today unveiled a first-of-its kind credit card specially designed to help ecommerce businesses grow.
The first corporate card for ecommerce enables online brands and retailers to bypass the problems of legacy banking systems and delivers a product that is fast, has far greater functionality and is much simpler to manage than any other credit card in the marketplace.
“Legacy card companies view businesses as a monolith and create products that are expected to serve all of them,” said Henrique Dubugras, Co-Founder and CEO of Brex. “Brex sees the world differently. Startups are not like other businesses, and neither are ecommerce companies. Now the latter, too, can benefit from Brex.”
Just as Brex reimagined corporate cards for the technology startup market, Brex is now bringing the same ingenuity to ecommerce customers. The Brex ecommerce card offers an open line of credit with 60 day payment terms and interest-free financing, thereby providing the benefits of float typically associated with working capital loans, yet with the convenience of the Mastercard network and without foreign transaction fees.
Brex ecommerce customers can now enjoy all the benefits of Brex including instant online underwriting without personal guarantees, transparent statements and expense management as they use their credit card to purchase inventory, ads, software and other services they need to run their businesses. Brex ecommerce customers will also benefit from unique rewards including exclusive partnerships focused on ecommerce tools and solutions that are directly relevant and benefit their businesses.
Brex spent the last six months working with a select group of online brands including Boxed, Amour Vert, Hims, Bev and Reese Witherspoon’s Draper James to perfect its offering.
“We’re very excited about the addition of the Brex Card to our assortment of payments tools. From the application to expense management, the entire experience has been seamless and superb,” said Chieh Huang, CEO of Boxed, the online shopping club.