New tech startups challenge AmEx in the niche corporate card market

in finance/technology

For decades, corporate credit cards were a boring industry, dominated by money-colored AmExes, the default choice for power lunches and client dinners around the world.

Now, a fleet of richly funded startups wants to change that. Venture capitalists and other investors have poured big money into a growing group of companies that make credit cards for businesses. That includes more than $1 billion in funding and debt for just three startups: card-makers Ramp, Divvy and three-year-old Brex Inc., which was valued last summer at an eye-watering $2.6 billion, according to PitchBook data.

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