Brex adapts rewards, adds SBA loan support to help customers during COVID-19 crisis
SAN FRANCISCO - Brex, the financial technology company that helps growing companies realize their full potential, today announced a new rewards program that is available for its Brex for Startups corporate credit card customers on its Brex Exclusive rewards program. The new offering helps Brex customers get the most value out of the Brex Rewards program by updating the spend-based points multipliers to reflect the new operational and business climate borne from the effects of COVID-19.
Specifically, the alternative Brex Rewards program includes spend multipliers that acknowledge that many Brex customers are not currently benefiting from the existing travel and dining points accelerators, and instead gives them the option to replace them with multipliers that reflect their current remote workplace setups:
- 7x Collaboration tools bundle
- 3x Food delivery bundle
- 2x Recurring software
- 1x Everything else
“Brex rebuilt the credit card technology stack from scratch precisely to be able to nimbly adapt features that best serve our customers. The economic and public health ramifications of COVID-19 are devastating to many, and Brex wants to do everything it can to help its customers during this time. This new rewards program is one of a number of ways we’re adjusting,” said Henrique Dubugras, Co-Founder and Co-CEO of Brex.
In a memo from the company’s COO, Paul-Henri Ferrand, Ferrand wrote, “Brex only succeeds to the extent that our customers realize their full potential. We’re still focused on getting you there. Right now, you may be focused on surviving. But keep your dream alive. You’ll need it on the other side.”
To help customers access loans available from the Small Business Administration, Brex has partnered with Radius Bank and SmartBiz Loans and is offering support to customers in accessing available assistance to its qualified customers.
In addition to the more relevant points multiplier offering and SBA partnerships, Brex is also announcing a number of special, exclusive discounts geared specifically towards companies collaborating remotely. Brex customers will be eligible for new offers including up to $100,000 in Amazon Web Services credits (depending on company funding), 25% off Slack for 12 months, discounted three-month starter package on DoorDash’s DashPass food delivery service, and 50% off on all annual Dropbox Business Standard subscriptions, in addition to existing offers, like 20% off Zoom.
“This new rewards program from Brex is exactly what my business needs right now as we manage working remotely and the broader operational changes brought on by COVID-19,” said Lexi Henkel, Senior Director of Finance and Strategy at TMRW.
The specific vendors included in the remote collaboration tools bundle are Zoom, Slack, GoToMeeting, Gong, and Monday, and those included in food delivery are Caviar, DoorDash, Uber Eats, Grubhub, and Seamless. Brex for Startups customers currently enrolled in Brex Exclusive will have an opportunity to opt-in to the new rewards program as of March 31. Effective the same day, new Brex for Startups customers will be given an opportunity to enroll in the program when they join. Learn more at brex.com/remotecollaboration.
Brex is reimagining financial systems so every growing company can realize their full potential. In 2018, Brex launched the first corporate card for startups, quickly expanding to other industries and launching a cash management account in 2019. Taking an entirely new approach to underwriting, approvals, rewards, and even expense management, Brex creates a radically better way for their customers to save and spend money. Brex has raised $315M in equity funding alongside $350M in debt financing, and is backed by the likes of Y Combinator Continuity, Kleiner Perkins, and the founders of PayPal. Headquartered in San Francisco, Brex also has offices in Vancouver, B.C. and the Salt Lake valley. To learn more, visit brex.com.