[17135] in Framemaker_Discussion
Brex Raises $57 Million to Launch New Credit Card for Startups
daemon@ATHENA.MIT.EDU (WebProNews)
Thu Jun 21 17:58:46 2018
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Date: Thu, 21 Jun 2018 16:07:06 -0400
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Brex Raises $57 Million to Launch New Credit Card for Startups
American fintech company Brex has just launched a new corporate credit card
designed specifically to assist startups.
The news of this unique credit card also comes on the heels of Brex's
recently concluded Series B funding round. The company was able to raise
$57 million courtesy of investors like PayPal co-founders Max Levchin and
Peter Thiel, Facebook's Yuri Milner, VC Ribbit Capital, and the Y
Combinator Continuity.
Brex is the brainchild of young engineers cum entrepreneurs Henrique
Dubugras and Pedro Franchesci. The two are known for founding Pagar.me, a
Brazilian payments processor, when they were still in their teens.
- Sponsored -
Today all marketing wars are won or lost at the local level. d
As an ad agency, bridging the gap between the old world, characterized by
loyal advertisers and steady profits, and the new Age of Local,
characterized by hesitant advertisers and elusive profit is a huge
challenge.
Download this eBook...
http://ientry.nui.media/pipeline/575140/0/cc?z=ientry&b=575139&c=575144&session=no&ajkey=
Brex wants to rebuild B2B financial products, and one key step to doing
that is to start with a corporate credit card service. The company provides
tech startups and various companies with instant approval of credit cards.
What's more, these have higher than expected credit limits and users don't
require any kind of personal guarantees.
The San Francisco-based company basically underwrites businesses and
foregoes credit history in lieu of factors like its investors and the
equity the company holds, its cash balance and spending habits. Brex offers
the first five cards of the startup free of charge. Any additional cards
after that will cost $5 monthly.
Brex credit cards offer several distinct features, like the capacity to
capture receipts using your smart device and matching them to the card
holder's credit statement. The card can also be integrated with accounting
software like Expensify, NetSuite, and QuickBooks.
Dubugras and Franchesci reportedly spent the previous year talking with
customers about developing a product that could successfully navigate the
regulatory and financial challenges that usually prevent early-stage
startups from getting credit card approval.
According to Brex CEO Dubugras, “startups that have raised millions and
are poised for hyper-growth can't get slowed down hassling with banks
requiring personal guarantees and offering meager credit limits.”
Unfortunately, traditional credit models look at how much a company can pay
back annually based on revenue. This practice automatically disqualifies
startups. But Brex has gotten around that problem by focusing on the cash
that the investors have given the startup.
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style="color: #333333; text-decoration: none;">Brex Raises $57 Million to
Launch New Credit Card for Startups</a></p>
<p>American fintech company Brex has just launched a new corporate credit
card designed specifically to assist startups. <br /> <br /> The news of
this unique credit card also comes on the heels of Brex's recently
concluded Series B funding round. The company was able to raise $57 million
courtesy of <a
href="https://www.bloomberg.com/news/articles/2018-06-19/paypal-co-founders-back-new-credit-card-for-startups"
target="_blank">investors like PayPal</a> co-founders Max Levchin and Peter
Thiel, Facebook's Yuri Milner, VC Ribbit Capital, and the Y Combinator
Continuity. <br /> <br /> Brex is the brainchild of young engineers cum
entrepreneurs Henrique Dubugras and Pedro Franchesci. The two are known for
founding Pagar.me, a Brazilian payments processor, when they were still in
their teens.</p>
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<p>Brex wants to rebuild B2B financial products, and one key step to doing
that is to start with a corporate credit card service. The company provides
tech startups and various companies with instant approval of credit cards.
What's more, these have higher than expected credit limits and users don't
require any kind of personal guarantees. <br /> <br /> The San
Francisco-based company basically underwrites businesses and foregoes
credit history in lieu of factors like its investors and the equity the
company holds, its cash balance and spending habits. Brex offers the first
five cards of the startup free of charge. Any additional cards after that
will cost $5 monthly. <br /> <br /> Brex credit cards offer <a
href="http://fortune.com/2018/06/19/paypal-peter-thiel-y-combinator-brex/"
target="_blank">several distinct features</a>, like the capacity to capture
receipts using your smart device and matching them to the card holder's
credit statement. The card can also be integrated with accounting software
like Expensify, NetSuite, and QuickBooks. <br /> <br /> Dubugras and
Franchesci reportedly spent the previous year talking with customers about
developing a product that could successfully navigate the regulatory and
financial challenges that usually prevent early-stage startups from getting
credit card approval. <br /> <br /> According to Brex CEO Dubugras,
“startups that have raised millions and are poised for hyper-growth
can't get slowed down hassling with banks requiring personal guarantees and
offering meager credit limits.” <br /> <br /> Unfortunately,
traditional credit models look at how much a company can pay back annually
based on revenue. This practice automatically disqualifies startups. But
Brex has gotten around that problem by focusing on the cash that the
investors have given the startup.</p>
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