The cards will offer full corporate liability without requiring founders to provide a security deposit or personal guarantee. New technology allows AmEx to see a startup’s bank balance to let fledgling firms qualify for cards, said Anna Marrs, president of global commercial services.
The world’s largest commercial card issuer by spending, AmEx has relationships with 60% of Fortune 500 companies globally. It has been jockeying to gain a greater share of business-to-business payments and working-capital loans, which it says represent a $90 billion profit opportunity. Expanding in commercial cards is a key part of a strategy laid out under Chief Executive Officer Steve Squeri, who took the helm in 2018. Prior to becoming CEO, Squeri consolidated the commercial operation that supported small, middle-market and large companies into one division that now represents 40% of spending on AmEx cards.