Mastercard is strengthening its existing collaboration with commercial card startup Brex to fuel growth in the U.S., the companies announced on Thursday (Oct. 24).
According to a press release, Brex has named Mastercard as its preferred network in an expansion of their existing partnership, which already sees Brex able to issue World Elite Mastercard for Business commercial cards. The broadening of the partnership means Brex Mastercard users will have access to new benefits tailored to their industries, as well as card perks already offered under the Mastercard World Elite program, including insurance for cell phones and rental cars, identity theft protection and partner offers with a range of Brex partners that include AWS and Salesforce.
Brex added that it plans to develop and roll out additional products and services using Mastercard's network.
"We are pleased to announce an expanded partnership with Mastercard to continue our shared mission to support the entrepreneurial ecosystem," said Brex Co-founder and Co-CEO Henrique Dubugras in a statement. "Leveraging the depth of Mastercard's payments platform and global scale allows us to innovate on features and technology that better serve our customers."
In another statement, Mastercard President of North America Craig Vosburg said collaboration is part of the payment company’s focus to promote technology adoption.
"Co-creation is in our DNA. We are pleased to deepen our partnership with Brex, a leader in providing corporate card programs to other technology and life sciences companies," he stated. "From launch to expansion, we make it easy for FinTechs to collaborate with us and use our technology and products to deliver innovative solutions to meet their customers' needs. Our dedicated programs for FinTechs [ensure] that we are focused on helping and enabling them with digital technologies, commercial connections and strategic investments."
Earlier this year, Mastercard and Brex announced their partnership to support access to business travel rewards for joint startup clients, with a card issued by Emigrant Savings Bank at the time.