Looks like October is the month of Incumbents grapping back share first incumbents dropping cost of trading to fight back against Robin Hood, now Amex doing the same to fight back BREX....and the winner is the end client!
American Express Co. is rolling out a new corporate-card program for startups after newcomers like Brex Inc. have had success in grabbing a slice of the market. The cards will be available in coming months, offering full corporate liability without requiring founders to provide a security deposit or personal guarantee, New York-based AmEx said Thursday in a statement. New technology allows AmEx to see a startup’s bank balance to let fledgling firms qualify for cards, said Anna Marrs, president of global commercial services. “It’s a new data source and a new lens on underwriting,” Marrs said in a telephone interview. “We acknowledge that for a younger company, with a younger set of founders, the traditional corporate program wasn’t meeting their needs.”