PEX
“Can a prepaid corporate card company become the full spend management and AP platform for SMBs and nonprofits?”
Founded2006
HQNew York, NY, USA
Total raised$9.7M (latest known round)
Latest roundSeries C1
IndustryFintech / SMB banking
The story
Founded in 2006 as a prepaid business card platform for workforce spend control, PEX evolved from a simple prepaid card issuer into a multi-product spend management platform. The company expanded its card suite to include credit-based corporate cards alongside prepaid, and added a grants disbursement product (PEX Disburse) targeting nonprofits and incentive programs. Most recently, PEX layered in an AP/bill pay workflow, positioning itself as a unified spend and vendor payment OS for SMBs and nonprofits rather than just a prepaid card provider.
Product timeline
2006
PEX (Prepaid Expense Card Solutions, Inc.) founded as a cloud-based spending management platform using prepaid cards for workforce expense control.· card
2023
Launched PEX Credit Expense product offering up to $2M/month in purchasing power with 1% cash back, expanding beyond prepaid to credit-based corporate cards.· card
2024
Launched PEX Bill Pay (accounts payable), enabling invoice creation, approval workflows, ACH and virtual card payments from a unified dashboard.· banking
The stack
5 layers disclosed in PEX’s embedded-finance stack
Money movement
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Sponsor bank
in the full report
Accounting gap: minor
4 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.