Digital banking and payments processing company i2c has announced that Brex, a corporate card for entrepreneurs and growing businesses, is “leveraging the i2c payment platform to power the next phase of growth and rapid innovation,” according to a release.
“As Brex has skyrocketed in popularity, so too has the maturity of its client base. As a result, Brex has expanded its initial offering, which addressed the needs of early stage startups, to address both the evolving needs of its existing clients and a new segment to drive growth for the company,” the release said. “Brex now focuses on larger tech companies including eCommerce brands and businesses in the life sciences industry. Features include more detailed accounting controls, the ability to review and approve purchases, and integrations with popular accounting solutions.”
Joseph DeRosa, EVP of global sales at i2c, said the two companies merge together well.
“Brex's focus on innovation in corporate credit cards aligns well with i2c's mission to provide the most configurable and stable payments platform in the industry,” DeRosa said. “i2c's ability to manage flexible corporate account structures, department and employee level control, and easy administration of expenses is a perfect fit.”
The company’s payment platform will give Brex advanced APIs and a diverse suite of program management tools so issuers can launch programs quickly, customize features and communicate with cardholders more effectively.
Cosmin Nicolaescu, vice president of engineering at Brex, said i2c has helped the company a lot.
“Working with i2c has been a great enhancement to our payments processing capabilities,” Nicolaescu said. “i2c's flexible issuer processing platform gives us room to expand faster than before. This will enable Brex to deliver more innovative solutions to an even broader range of customers moving forward.”
Brex has a focus on corporate cards, and in 2018 launched a card specifically for startups. The company is backed by Y Combinator Continuity, Peter Thiel, Max Levchin and others. It has raised $315 million in equity.