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August 26, 2019

Brex, Magento form technology partnership

Brex, a US-based firm that issues corporate cards for start-ups, has joined Magento Technology Partner programme.

The collaboration will enable Magento Commerce’s B2C, B2B and omnichannel clients to apply to Brex within the platform and meet their payments as well as short-term financing solutions.

The Brex Card for Ecommerce, which was launched in February this year, offers a 60-day interest-free payment window. The offered is aimed at firms that sell goods online and have short-term financing needs.

Additionally, Magento clients can avail all the advantages of Brex such as higher credit limits, instant online underwriting for which no personal guarantees required, and customised rewards to online retail businesses.

Furthermore, Magento’s customer can use Brex ecommerce credit card to buy inventory, advertising and shipping services required to operate and expand their business.

Magento head of business development Ryan Murden said: “We’re pleased to welcome Brex as a new Magento Technology Partner. Their solution offers innovative financial and payments capabilities to our merchants.”

After its launch in February this year, the Brex ecommerce has expanded its offerings. It has also partnered with various distribution partnerships such as MDS, Payoneer and Plastiq.

Last month, Brex joined hands with loyalty solutions provider Ascenda to boost the value of its rewards offering.

In June, Brex raised $100m in a new funding round at a valuation of $2.6bn. The funding round was led by Kleiner Perkins Digital Growth Fund.

In April this year, Brex and its financial backer Barclay Investment Bank announced a $100m debt capital raise to power the platform’s next phase of growth.

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