American Express Takes Aim at Rival Brex With New Card Offerings for Startups
- Newcomers Brex, Stripe are catering to corporate customers
- Younger firms find traditional cards not ‘meeting their needs’
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American Express Co. is rolling out a new corporate-card program for startups after newcomers like Brex Inc. have had success in grabbing a slice of the market.
The cards will be available in coming months, offering full corporate liability without requiring founders to provide a security deposit or personal guarantee, New York-based AmEx said Thursday in a statement. New technology allows AmEx to see a startup’s bank balance to let fledgling firms qualify for cards, said Anna Marrs, president of global commercial services.