Axis Bank’s new economy group launches Corporate Credit Card Suite for startups

Private sector lender Axis Bank on Friday announced the launch of its Corporate Credit Card Suite for startups under its New Economy Group (NEG).

Crafted for entrepreneurs, these cards help streamline travel, official expenses, and vendor payments, the bank said.

The offering includes an executive corporate credit card tailored for founders and a purchase reward credit card designed for streamlining expense management.

“The New Economy Group is a key pillar of our strategy to support India’s thriving start-up ecosystem,” said Sanjiv Bhatia, President & Head of New Economy Group, Financial Sponsors and Multinationals Coverage, Axis Bank. “We understand the challenges faced by startups and are committed to providing innovative solutions that address their specific needs.”

Axis Bank’s New Economy Group banks 67% of unicorns and over 40% of Series A and above funded start-ups in the country.

The executive corporate credit card provides founders with personalized benefits, enhanced credit limits, and rewards, such as 4 complimentary golf rounds, a reduced foreign exchange markup of 2% on international transactions and exclusive insurance benefits.The Purchase Reward Credit Card on the other hand offers a robust reward program, flexible credit limits, and zero joining and annual fees besides automated accounting, expense tracking, and simplified reconciliation with the ability to redeem reward points on popular SaaS products.”Through our Commercial Card offering, start-ups can now enjoy easy access to working capital, comprehensive business and travel benefits, and improved ease of doing business given the efficient expense management capabilities this proposition offers,” said Vivek Gupta, President & Head, Wholesale Banking Products, Axis Bank.

Additionally, NEG has also announced its strategic partnership with the Tech Entrepreneurs Association of Mumbai (TEAM). TEAM is a non-profit, independent industry association, formed by some of India’s most successful tech entrepreneurs, with a mission to advance Mumbai’s tech ecosystem.

This collaboration is designed to enhance support for startups. Collectively, Axis Bank and TEAM aim to further advance Mumbai’s startup ecosystem by establishing a strong support mechanism, aiding startups to overcome business challenges and realizing their full potential, the bank said.