Brex Launches First Corporate Card For Life Sciences
New Financing Accelerates Company’s Expansion into New Customer Segments
SAN FRANCISCO, CA - June 11, 2019 - Brex, the corporate card that accelerates entrepreneurs and scaling businesses, today unveiled a new corporate card specifically tailored for companies in the life sciences industry. Announced in a post to their blog, Brex’s new product includes underwriting, benefits and rewards uniquely designed to ease the challenges life sciences and biotechnology companies experience. Unlike any other on the market, the new Brex for Life Sciences corporate card offers instant online underwriting that accounts for both grant and venture funding without requiring personal guarantees from life sciences founders and entrepreneurs.
“The life sciences industry, in which companies typically have high funding levels but untraditional and delayed revenue models, needs a solution that offers spending flexibility and access to payments networks without requiring a personal guarantee,” said Henrique Dubugras, co-founder and co-CEO of Brex. “Brex is continuing to take a tailored product approach to each industry because we understand that the features and rewards that best fit our existing customers, are not the same as those that will benefit life sciences companies.”
Since its launch, Brex has broadened its offering beyond startups to focus on larger tech companies, ecommerce brands and now life sciences. Having completed extensive research into the industries that most acutely lack customized payment solutions, Brex recognized the need for a corporate card in the life sciences space that allows businesses to maximize both time and money, so they can focus more on research and development.
n connection with its Life Sciences launch, Brex has partnered with the California Life Sciences Association (CLSA), the trade association representing California’s life sciences sector, to offer the new Brex card with exclusive rewards exclusively to the CLSA membership. “We’re proud to partner with an organization like Brex that shares our mission of enabling California’s life sciences innovators. CLSA provides the tools and resources necessary to help ensure our state’s life sciences sector can grow and thrive. The CLSA and Brex partnership will enhance productivity and business efficiency of established and emerging life sciences companies in California by easing the burden of traditional credit card underwriting with even greater rewards,” said Mike Guerra, President & CEO, California Life Sciences Association (CLSA).
Brex for Life Sciences customers will also have access to product features including transparent statements, expense management systems, high quality accounting software integrations and targeted rewards with points multipliers on categories like lab supplies and conferences. These distinct features have already attracted the attention of life science companies, including Anthos Therapeutics, Synthego, and QurAlis, which focus on cures for cardiovascular disease, genome engineering, ALS treatments, and more.
“We signed up for Brex because of its simple value proposition: instantly available credit, the ability to offer cards to our entire team and actively monitor spend, its integration with our accounting platform, and no-fee structure,” said Nik Talreja, VP of Finance and Operations at Spiral Therapeutics. “Every minute our scientists are spending on anything but research is more time patients are waiting.”
Get the new Brex for Life Sciences card today at brex.com/lifesciences.
Brex is transforming B2B payments by creating corporate cards, rewards, and travel programs that are tailored to specific industries. In 2018 Brex launched the first corporate card and rewards program specifically designed for startups. By rebuilding the credit card tech stack from the ground up, Brex is able to reimagine every aspect of corporate cards, including underwriting, transparency and approvals, to create a radically better experience for customers. Brex is backed by Y Combinator Continuity, Peter Thiel, Max Levchin and more and has raised $315M in equity and $100M in debt capital. The company’s headquarters are in San Francisco.
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