Brex Teams With Magento For Technology Partnership

Credit card startup Brex announced it is teaming with the Magento Technology Partner program, which is part of Adobe, in a press release Thursday (Aug. 22).

Benefits of the Brex eCommerce credit card include an open line of credit, 60-day payment terms and interest-free financing. This partnership is part of a growing list of technology vendors on the Magento commerce platform.

“Magento has a strong and differentiated offering in the eCommerce marketplace, and we are confident that the Brex eCommerce credit card can add real value as a Magento Technology Partner,” said Henrique Dubugras, co-founder and co-CEO of Brex.

People looking for payments and short-term financing solutions on Magento can now seamlessly apply to Brex within the platform. Moreover, Magento customers can enjoy all the benefits of Brex, including higher credit limits, instant online underwriting without personal guarantees and tailored rewards to online retail businesses.

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

Since its launch in February 2019, the Brex eCommerce offering has grown rapidly and added a number of distribution partnerships, including MDS, Payoneer and Plastiq, as well as a suite of rewards specific to the online retail industry across software, shipping and advertising.

In June, Brex announced it raised $100 million in venture funding, giving the company a valuation of $2.6 billion. The funding round was led by Kleiner Perkins Digital Growth Fund, with participation from all existing major investors, including Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital and IVP.

Brex said the funding would be used to enhance its product by expanding its corporate spend management features and rewards offerings and to enter new verticals

The funding came a few months after Brex raised $125 million, giving it a previous valuation of $1.1 billion.