Bank of the West and Fintech Brex Offer Corporate Card to Emerging Growth Companies and Small Multinationals
First co-branded corporate card by Brex will include innovative payment offerings and rewards to help businesses scale quickly
SAN FRANCISCO, Nov. 5, 2019 /PRNewswire/ -- Bank of the West, a subsidiary of BNP Paribas, and Brex, the corporate card that accelerates entrepreneurs and scaling businesses, today announced a co-branded corporate card with no security deposit and no requirement for U.S. credit history. As the first co-branded corporate card announced by Brex, this card supports Bank of the West's focus on enhancing the business solutions available to its commercial clients and follows the recent launch of the Bank's Innovation Hub, which offers dedicated banking services for startups.
The corporate card delivers Brex's innovative payment offerings, including underwriting, expense management and rewards features, to Bank of the West clients. Available through Bank of the West's Innovation Hub, startup commercial clients will receive all key benefits offered to Brex cardholders, including premium rewards, easy card issuance and expense management, as well as automatic receipt capture.
"Bank of the West has a history of innovation in the commercial banking and payments space, providing solutions that maximize flexibility for clients looking to quickly scale their businesses and access much needed funds," said Jean-Marc Torre, Senior Executive Vice President, Head of Corporate and Commercial Banking, Bank of the West. "We are pleased to offer this new corporate card with Brex to our clients, providing them with access to the resources and funding growth companies and entrepreneurs need."
Brex and Bank of the West began a pilot program for the corporate card in Q2 2019. In response to customer demand and adoption, Bank of the West will roll out the product more broadly to its North America commercial clients. 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 charges1.
"It is an honor to partner with a leading financial services brand like Bank of the West and we're excited about collaborating with the bank in a combined offering that brings a high quality product experience to an expanded range of business customers," said Henrique Dubugras, co-founder and co-CEO of Brex. "This strategic relationship with Bank of the West provides us with the ability to meet our customers wherever they are: online, in brick-and-mortar, or a combination of both."
About Brex
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. Read the Brex platform agreement here: https://brex.com/legal/
About Bank of the West
At Bank of the West, your money has values as well as value. We know money deposited in a bank has the power to finance positive change. So we are taking action to ensure our activities help protect the planet, improve people's lives, and strengthen communities. We are redefining banking for a better future by focusing on areas where we believe we can have a real impact: supporting energy transition, helping enable women entrepreneurs, and financing innovative start-ups. As the bank for a changing world, Bank of the West is committed to sustainable finance along with our parent company BNP Paribas. Through Digital Channels and offices across the U.S., Bank of the West provides financial tools and resources to more than 2 million individuals, families and businesses. © 2019 Bank of the West. Member FDIC. Equal Housing Lender. Doing business in South Dakota as Bank of the West California.
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1 For terms and conditions visit: www.brex.com/legal
SOURCE Bank of the West
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