“Can a prepaid corporate card company become the full spend management and AP platform for SMBs and nonprofits?”
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.
PEX discloses The Bancorp Bank as its banking provider, according to the Embedded Finance Index 2026.
PEX does not disclose a bank charter of its own; its banking services are provided through The Bancorp Bank.
PEX moves money over ACH.
PEX's cards are issued through The Bancorp Bank.
The Embedded Finance Index 2026 maps 5 layers in PEX's stack: Money movement (ACH); Banking / BaaS (The Bancorp Bank); Card issuing (The Bancorp Bank); Lending (PEX Credit Expense (up to $2M/month purchasing power, 1% cash back)); Sponsor bank (The Bancorp Bank).
PEX is founded in 2006 and headquartered in New York, NY, USA.
PEX has raised $9.7M (latest known round) in total (latest round: Series C1).
Get a read on where your own stack stands against PEX and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.