Started in 2017 by the founders of Brazilian payments processor Pagar.me, Brex's investors include Y Combinator Continuity, Ribbit Capital, Greenoaks, DST Global, Peter Thiel and Max Levchin. The San Francisco-based company also participated in the Y Combinator Winter 2017 batch.
Current Brex cardholders will be switched to Mastercard’s World Elite program this month. The card will be issued by Emigrant Savings Bank.
“We’ve spent time building our card issuing technology from the ground up, giving us the flexibility to partner with a number of financial platforms. Today, we add Mastercard to that list,” said Brex CEO Henrique Dubugras in a press release. “We are focused on continuously improving the Brex platform to be the best corporate card for all businesses.”
The Mastercard World Elite program includes enhanced benefits, such as access to a luxury hotel and resort program, emergency travel assistance or travel and rental car insurance. In addition, cardholders will receive improved anti-fraud benefits, including purchase protection and ID theft protection.
Brex also announced that it is releasing new fraud prevention technology, giving cardholders “no questions asked” concierge fraud support so that they aren't held liable for any identified fraud on their cards. Through its partnership with Mastercard, Brex can provide startup employees with access to the value and benefits traditionally associated with big enterprise companies.
“Mastercard is leading the charge toward imagining and designing payment solutions driven by customer need, not just industry norms,” said Sherri Haymond, EVP of digital partnerships for North America at Mastercard. “By partnering with Brex, the Mastercard World Elite card can deliver on what startups require today to grow their business and anticipate needs for tomorrow."