PayPal Co-Founders Back New Credit Card for Startups
Peter Thiel, head of Clarium Capital Management LLC and founding investor in PayPal Inc. and Facebook Inc.
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Losing gobs of money on a quest for hyper-growth and world domination might get you funding from venture capitalists, but it won’t get you a credit card from a bank.
Now, one startup wants to change that, and it’s convinced Silicon Valley heavyweights Peter Thiel and Max Levchin to invest in its idea. Rather than focus on credit history, San Francisco-based Brex Inc. looks at funding raised in order to issue cards to companies and employees to cover startup expenses. On Tuesday, Brex launched a credit card targeted specifically at venture-backed companies.