Brex, the corporate card for startups company, announced earlier this week that it has overhauled its credit card rewards system to give more awards to its startup customers.
In a press release, Brex said it rebuilt the credit card rewards system to include points earned and points back for services and products that startup companies use regularly to fuel growth. Brex said it has been analyzing its customer spend during the past year, and used the data to build a rewards program that gives them the benefits they want.
For instance, Brex said typical customers will earn at least 20 percent more rewards than any of its competitors, and 100 percent more when compared to small business credit card rivals. It has formed partnerships with Amazon Web Services, WeWork, Instacart and Salesforce, among others, to create the new rewards program. The company noted in the press release that it offers signup bonuses totaling more than $25,000 in discounts for customers.
With the rewards program, Brex startup customers earn one point per dollar spent with no cap on earned rewards, plus points multipliers on services that are essential to their work life. Customers get seven times rewards points on rideshare, three times on travel and dining and two times on recurring software or software as a service. Brex customers began accruing rewards points in early October 2018 and will be able to redeem them starting today, the company noted.
“There has been tremendous demand within the startup community for a card rewards program that works for them,” said Henrique Dubugras, co-founder and CEO of Brex, in the press release announcing the overhauled rewards program. “Using the deep insights we have on how our customers spend their money, we have built a program that helps them get the best benefit for every dollar they spend.” Brex recently raised $125 million in venture funding and now nets a $1.1 billion valuation. The latest round follows $50 million raised in June.