A San Francisco startup wants to accomplish it easier for added new companies to accounts their operations with a accumulated acclaim card.
Brex, which was created in 2017 by the founders of the Brazilian acquittal processing aggregation Pagar.me, aloft $125 actor this ages in a annular of allotment led by advance firms Greenoaks Capital, IVP and DST Global — which is why it is trending on the startup database Crunchbase.
“The aforementioned affair that Stripe or Square did for online or offline payments, we’re accomplishing for acclaim cards,” Brex co-founder and CEO Henrique Dubugras said.
Dubugras and co-founder Pedro Franceschi begin it difficult to get a accumulated agenda for their startup in Brazil: It had to be alone guaranteed. So they accomplished how big the bazaar would be for a accumulated acclaim agenda for startups.
Brex, which has 57 advisers and $182 actor in funding, does the underwriting and financing. It has admission to startups’ coffer accounts, so it can see how abundant money the companies accept and accredit acclaim banned accordingly.
The aggregation offers acclaim banned that are 10 to 20 times college than acceptable accumulated acclaim agenda limits. The action of accepting a agenda is additionally abundant faster. Startups can assurance up, be accustomed and accept a alive agenda agenda aural a few minutes.
Brex additionally offers agent acclaim cards with lower limits. Dubugras would not acknowledge how abounding cards Brex has issued.
Sutton Bank, which is based in Ohio and additionally works with San Francisco payments aggregation Square, issues the acclaim card. But Brex does all of the underwriting and processing, and it has its own technology, Dubugras said. Startups accept to pay off the antithesis of the agenda at the end of anniversary month, and Brex automatically withdraws the bulk from the startups’ coffer accounts.
The aggregation affairs to use allotment of its new allotment for a rewards program.
Deal of the Week: Onward
What it does: Customer account automation.
What happened: It was acquired by Google.
Why it matters: Onward had aloft alone $120,000 in funding, according to Crunchbase, so it may accept been an accretion for the purpose of accepting Onward’s employees.
Headquarters: San Francisco
Also trending: Prepd
What it does: Prepd provides lunchboxes advised to accomplish advancing advantageous commons easy, application its compound app and in appointment with San Francisco nutritionists and chefs.
What happened: Announced a new Kickstarter attack to accession money, and alien four new colors for the lunchbox.
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Why it matters: While aliment commitment companies accept proliferated, Prepd is for bodies who appetite to adapt their own commons and accompany aliment to work. “You accept aggregate you charge to baker and booty cafeteria on a approved basis,” said co-founder Chris Place.
Headquarters: Los Angeles
Funding: $3.4 actor aloft in an antecedent Kickstarter campaign, added than $200,000 aloft in the new campaign
Sophia Kunthara is a San Francisco Chronicle agents writer. Email: [email protected] Twitter: @SophiaKunthara
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