Private sector lender Axis Bank on Friday announced its Corporate Credit Card Suite for startups under its New Economy Group (NEG) which offers dedicated banking services to startups. The suite includes an Executive Corporate Credit Card that provides founders with enhanced credit limits and rewards such as four complimentary golf rounds, a reduced foreign exchange markup of 2 per cent on international transactions and exclusive insurance benefits.
The suite also includes a Purchase Reward Credit Card that offers flexible credit limits, zero joining and annual fees, automated accounting, expense tracking, and reconciliation with the ability to redeem reward points on SaaS products.
Speaking on the launch, Sanjiv Bhatia, President & Head of New Economy Group, Financial Sponsors and Multinationals Coverage, Axis Bank said the New Economy Group is a key pillar of its strategy to support India’s startup ecosystem.
“The launch of our Start-Up Corporate Credit Card Suite is another step by the New Economy Group to empower new-age businesses with the right financial tools offering a perfect blend of flexibility, convenience, and value,” said Bhatia.
The bank said its NEG banks 67 per cent of unicorns and over 40 per cent of Series A and above funded startups in the country.
It also announced on Friday a strategic partnership of its NEG with the industry association Tech Entrepreneurs Association of Mumbai (TEAM) that focuses on Mumbai’s technology ecosystem.
The bank said the collaboration will further advance Mumbai’s startup ecosystem by establishing a strong support mechanism, aiding startups to overcome business challenges and realise their full potential.
The two announcements by the bank came a day after it announced signing an MoU Next Bharat Ventures IFSC, a subsidiary of Suzuki Motor Corporation in Japan to offer working capital credit to impact-driven startups and micro and small enterprises.