The financial service company has joined the Magento Technology Partner program, making Brex’s services more available to Magento users.
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“Online retail and e-commerce continue to evolve and to gain market share,” said Michael Tannenbaum, CFO at Brex. “As these new businesses and delivery models emerge, legacy financial services products have not kept up. Brex seeks to partner with the most innovative and dynamic platforms — like Magento — that are serving this expanding marketplace, and offering products that are seamless, tech-forward, efficient and dynamic.”
Magento, an Adobe company, provides an end-to-end e-commerce platform for retailers and has worked with Brex to supply seller data on credit applicants. By reviewing this data, as opposed to a retailer’s corporate bank balance or an individual’s credit score, Brex is able to offer companies competitive credit limits of up to $5 million, with a 60-day interest-free repayment term.
Users who apply for Brex’s services through Magento will be eligible for rewards incentives and benefit from a faster than normal application process. They will also receive all of the same rewards and promotions that other Brex customers receive, which are specifically tailored to e-commerce customers; sample offers include four months of free use at Shippo, an online shipping platform.
“Brex has used the past few months to work with Magento seller data to better underwrite them, and we plan to enhance the integration to help speed up the application process even further by pre-populating data from the Magento platform into the Brex system,” said Tannenbaum.
Originally designed to appeal to early-stage businesses that might find it challenging to secure credit, Brex has attracted a number of customers that generate between $100,000 and $1 million in sales a month. According to the company, footwear brands Greats and Tamara Mellon use the service, with the line of credit able to fund inventory purchases, advertising and shipping services.
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