Axis Bank Launches New Economy Group Credit Card Suite, Targeting Startups with Tailored Financial Solutions This initiative aims to address the unique financial needs of startups by offering a suite of dedicated banking services designed to provide flexibility, convenience, and value.
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Axis Bank, a private sector lender, introduced its Corporate Credit Card Suite, tailored specifically for startups, under the umbrella of its New Economy Group (NEG).
This initiative aims to address the unique financial needs of startups by offering a suite of dedicated banking services designed to provide flexibility, convenience, and value. The suite includes two primary credit card offerings that cater to both founders and operational needs within startups.
Executive Corporate Credit Card: Empowering Founders
The Executive Corporate Credit Card provides founders with enhanced credit limits and rewards such as four complimentary golf rounds, a reduced foreign exchange markup of 2 percent on international transactions, and exclusive insurance benefits.
Purchase Reward Credit Card: Streamlining Operations
In addition to the Executive Card, Axis Bank also launched a Purchase Reward Credit Card, which is designed to enhance operational efficiency. This card provides flexible credit limits, no joining or annual fees, and an automated system for accounting, expense tracking, and reconciliation with the ability to redeem reward points on SaaS products.
These cards are intended to give startups greater control over their finances, with the ability to allocate credit limits between Travel & Entertainment (T&E) and purchase cards, thereby improving spend visibility, boosting savings, and facilitating growth.
Sanjiv Bhatia, President and Head of Axis Bank's New Economy Group, remarked, "The New Economy Group is a key pillar of our strategy to support India's thriving startup ecosystem. We understand the challenges startups face and are committed to providing innovative solutions. Our Start-Up Corporate Credit Card Suite empowers new-age businesses with flexibility, convenience, and value."
Strategic Partnership with TEAM
In addition to launching the credit card suite, Axis Bank's NEG announced a strategic partnership with the Tech Entrepreneurs Association of Mumbai (TEAM). TEAM is an independent, non-profit organisation created by India's leading tech entrepreneurs, focused on advancing Mumbai's startup ecosystem.
This collaboration is set to combine Axis Bank's financial expertise with TEAM's industry insights to offer enhanced support to startups, helping them navigate challenges and achieve their full potential.
The partnership exemplifies Axis Bank's mission to transcend traditional banking services, fostering an ecosystem where startups can thrive. The NEG currently claims to bank 67% of India's unicorns and over 40% of Series A and above-funded startups in the country.
Additionally, the bank announced signing an MoU with Next Bharat Ventures IFSC, a Suzuki Motor Corporation subsidiary, to provide working capital credit to impact-driven startups and micro-enterprises.
