Brex leaving SMBs behind: Airwallex offers solutions
Over the past five years, fintech platform Brex has been in the process of changing its business model. Instead of servicing small to medium-sized businesses (SMBs), it’s now switching to corporations and other large-scale operations.
But where does this leave the SMBs left behind?
Now, SMBs with closed accounts are scrambling to find a new fintech platform that will service their needs. Let’s take a look at why Brex is changing its business model and how Airwallex actively supports SMB clients via online banking.
Why is Brex changing its strategy?
Brex, a fintech platform, offers its clients business credit cards and online accounts to manage their cash. With a value of about $12.3 billion, the company is growing large. This is the primary reason Brex decided to change its business model from serving SMBs to larger companies.
Brex essentially modified its definition of SMBs and start-ups (i.e., clients it previously took on) to mean those with professional funding. This means that the entrepreneurs from these start-ups and SMBs would need to secure funding from an accelerator, venture capital, or angel investors.
Most SMBs don’t have this and can’t secure it in their earliest stages.
While Brex accounts will remain active until August 15, 2022, cash customers will no longer be able to carry out card transactions or use their accounts. Such a close deadline means account holders are rushing to find a new plan.
They’ll have to connect their Brex account to either another bank account or platform and transfer their balance by deadline.
How does Airwallex support SMBs needing accounts?
Airwallex supports SMBs via banking in several ways. Here are some reasons Airwallex will support your SMB if you were recently affected by Brex’s business model change.
Airwallex offers Global Business Accounts for SMBs in various countries. Rather than visiting physical bank branches, Airwallex clients can collect and send payments online in preferred currencies.
Our multi-currency accounts are compatible with 11 different currencies, making it easier than ever to operate on a global level.
Airwallex also offers Borderless Cards for SMBs to make worldwide transactions. Our virtual visa cards have zero international fees and only 1% cashback on all domestic transactions.
They’re specifically designed for multi-currency needs by facilitating transactions in more than 170 currencies. Plus, they allow smoother, simpler transactions for both business owners and their employees.
Here’s a closer glimpse of their benefits:
Free cards for employees: Issue them in a matter of minutes with physical cards on the horizon.
Save money on global expenses: Enjoy no to minimal transaction fees and market-beating interbank foreign exchange (FX) rates.
Control over your budget: Track spending in real time with monthly or overall limits so you stay within your budget.
Our new expense management system is an end-to-end solution to better handle your money.
You can easily upload receipts for approval, reconcile expenses in one place, and benefit from real-time monitoring over spending. You can even control spending before it happens, whether for subscription renewals, team events, or something else.
Payment links, transfers, and FX
Airwallex provides the ability to transfer and receive money in more than 30 currencies. When you create a payment link, you can share it with customers regardless of the country they’re located in.
We offer the lowest interbank FX rates that compete with current market rates. We make it easy to get paid in the method and currency of your or your customer’s choice in the most cost-effective way possible.
For early access to our payment link opportunities, join our waitlist.
If you’re looking to sharpen up your bookkeeping, take advantage of our Xero integration.
Xero is the world’s leading bookkeeping and accounting platform that we partner closely with. You can automatically sync all your domestic and international transactions into Xero to ensure your numbers remain accurate, up to date, and all in one place.
Whether you want to broaden your talent pool with internal hires using Oyster, secure capital eCommerce funding through 8fig, or grow your brand with better Amazon advertising with Incrementum — we have plenty of partners that can serve your SMB.
But first, you need an Airwallex Global Business Account to set your business on a path for success.
If you’re ready to make the switch from Brex to Airwallex, sign up today.
Margaret runs marketing for Airwallex US, working with great companies across eCommerce, consumer goods, consulting, and tech to deliver excellent experiences to shared audiences.