Brex, the corporate card and financial product startup, has partnered with human resources company TriNet to reach new customers through exclusive rewards. Brex aims to reach the more than 18,000 TriNet client companies through cash-back rewards on coffee, gyms and food delivery with the tie-up.
“If you’re a growing company that was five people and now you’re 20, you’ll probably start thinking about an HR solution,” said Arthur Levy, vice president of business development at Brex. “When you’re thinking about health insurance and payroll, you’re getting to the point when you’re probably also thinking about finances.”
According to Levy, Brex employees have trained the TriNet’s sales team on how the Brex card works, and TriNet employees have trained Brex’s sales team on the HR benefits TriNet offers. Brex is the only card TriNet is promoting, and TriNet is the only HR solution Brex is promoting.
TriNet customers who sign up for a Brex corporate card will get 5% cash back when they purchase coffee from popular chains like Starbucks, Blue Bottle and Peet’s; 3% cash back on food delivery; and 2% for gym expenses at chains like 24 Hour Fitness, Equinox and LA Fitness. The TriNet-Brex cash-back deals are in addition to those available to all Brex customers, including on rideshare, flights, hotels and software subscriptions. Brex customers using TriNet, meanwhile, will receive 30% to 60% off HR products, depending on the company’s size.
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The Dublin, Calif.-based TriNet is a publicly-traded company on the New York Stock Exchange that was founded in 1988. The company offers payroll solutions and benefits packages in addition to HR services. According to the company, it has managed more than $41 billion in payroll. TriNet works with businesses in a variety of industries, including life sciences and technology, which Levy said fits well with the Brex client base.
Brex, based in San Francisco, has raised $315 million in equity since its founding in 2017. The startup offers corporate cards for other startups, and for life sciences and e-commerce companies, and uses cash flow, sales volume, venture capital funding and cash burn rates to underwrite customers. The cards are interest-free, and Brex drives revenue through interchange fees. It launched Brex Cash, a cash account, in October to deepen relationships with clients.
The new partnership between Brex and TriNet comes on the heels of Ramp, another corporate card startup, raising $25 million last month. Ramp tries to differentiate by finding wasteful spending and alerting clients to how they can save money.
According to Levy, the TriNet partnership gives Brex credibility with TriNet clients. “If you go around the Bay Area and New York, there are thousands of customers who use TriNet,” he said. “When you’re adding another perk, it’s much more personal.”
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