Commercial card company Brex is rolling out a new card product designed to meet the specific needs of eCommerce businesses, the firm said in a press release Tuesday (Feb. 26).
The card bridges companies in the eCommerce space, including online brands and eRetailers, to 60-day payment terms, interest-free financing and no foreign transaction fees. The solution also offers tailored rewards, including partnerships with providers of eCommerce solutions.
"Legacy card companies view businesses as a monolith and create products that are expected to serve all of them," said Brex Co-Founder and CEO Henrique Dubugras in a statement. "Brex sees the world differently. Startups are not like other businesses, and neither are eCommerce companies. Now the latter, too, can benefit from Brex."
In its release, Brex pointed to inventory, marketing, software and other business spend categories that are key for eCommerce companies and require access to capital.
When Brex first launched its initial commercial card solution last year, the company targeted technology startups. In October the firm closed a $125 million Series C funding round from Greenoaks Capital, DST Global and IVP, valuing the firm at $1.1 billion and securing its status as a unicorn.
At the time, Brex highlighted the challenges of tech startups in seeking banking and financial services, including accessing capital, even when they raise funding.
Since its initial rollout, Brex has expanded to go after corporate travel spend. In December the firm announced its Brex Travel solution, partnering with TravelBank to enable joint customers to ear reward points when booking via Brex's corporate travel booking solution.
Additional partnerships announced by Brex include deals with WeWork, Amazon Web Services, Salesfoce, Instacart and Mastercard. The latter partnership was announced earlier this month and allows Brex to issue the World Elite Mastercard for Business, designed for corporate travel spend.