The companies revealed Wednesday (Nov. 6) that startup clients of Bank of the West will gain access to a co-branded commercial credit card. Businesses do not need U.S. credit history or a security deposit to access the card, they noted, adding that the collaboration supports the financial institution’s efforts to broaden services to entrepreneurs and the small business community ahead of the relaunch of its Innovation Hub, a suite of banking services for startups.
In addition to the card, startups can gain access to Brex’s expense management and rewards offerings, and automatic receipt data capture.
“Bank of the West has a history of innovation in the commercial banking and payments space, providing solutions that maximize flexibility for clients looking to quickly scale their businesses and access much needed funds,” said Jean-Marc Torre, senior vice president and head of Corporate and Commercial Banking for Bank of the West. “We are pleased to offer this new corporate card with Brex to our clients, providing them with access to the resources and funding growth companies and entrepreneurs need.”
Brex co-founder and co-CEO Henrique Dubugras added that its collaboration with Bank of the West “brings a high quality product experience to an expanded range of business customers.”
Bank of the West and Brex first launch a pilot program in the second quarter of 2019. The firms plan to expand their joint corporate card offering to customers across North America, they said.
Earlier this year, Brex announced a $100 million fundraise, propelling the firm’s valuation to $2.6 billion. Investors at Kleiner Perkins Digital Growth Fund led the round, while existing backers Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital and IVP also participated.