Axis Bank has introduced a new Corporate Credit Card Suite designed especially for startups. This initiative falls under the bank’s New Economy Group (NEG) and aims to meet the specific financial needs of startup companies. With this suite, Axis Bank offers flexible banking services that can help startups grow and manage their finances better.
Two Main Credit Card Offerings
The credit card suite includes two main cards:
1. Executive Corporate Credit Card
This card is designed for startup founders. It offers higher credit limits and rewards like four free rounds of golf and a reduced foreign exchange fee of 2% for international transactions. Additionally, it provides exclusive insurance benefits, making it a valuable option for founders.
2. Purchase Reward Credit Card
The Purchase Reward Credit Card is tailored for operational needs within startups. It offers flexible credit limits and has no joining or annual fees. This card also features an automated system for tracking expenses and reconciling accounts, making financial management easier. Users can earn reward points that can be redeemed for SaaS products.
Benefits for Startups
Both credit cards give startups more control over their finances. Companies can set credit limits specifically for travel and entertainment expenses as well as for purchases. This helps improve visibility of spending, save money, and support business growth.
Sanjiv Bhatia, President and Head of Axis Bank’s New Economy Group, said, “The New Economy Group is essential to our plan to help India’s growing startup ecosystem. We recognize the challenges these businesses face and are dedicated to offering innovative solutions. Our Startup Corporate Credit Card Suite provides flexibility, convenience, and value.”
Strategic Partnership with TEAM
In addition to the new credit card suite, Axis Bank has partnered with the Tech Entrepreneurs Association of Mumbai (TEAM). This organization, created by leading tech entrepreneurs, aims to improve Mumbai’s startup environment. The partnership will combine Axis Bank’s financial knowledge with TEAM’s industry insights to provide better support to startups.
Axis Bank’s NEG claims to serve 67% of India’s unicorns and over 40% of startups that have received Series A funding or more. The bank has also signed a memorandum of understanding with Next Bharat Ventures IFSC, a subsidiary of Suzuki Motor Corporation, to provide working capital to impact-driven startups and micro-enterprises.
