You’re a web3 startup and have just raised funding. Congratulations! Now, as you take the next steps of your journey, there are many things to do – hiring, setting up accounts, buying software etc. One important aspect of managing your business is an expense management program – specifically, a card program that enables you to save time and gain access ot a corporate credit card.
As you consider which expense card program to use, here are a few helpful factors to consider.
What Do You Need Your Cards For?
It’s helpful to know the primary reason you need a card program – are you looking for an expense management tool, a way of freeing up cash flow or another reason? Do your research to see which card program’s features are ideal for your use case and problems.
For instance, many web3 teams need a card program to help spend in fiat – most vendors still ask for payments in US dollars (such as Amazon Web Services, Facebook Ads, Google Ads etc). This requirement becomes costly and a burden for teams with crypto – it costs a lot of money and time to convert to fiat.
A Common Problem For Web3 Teams: Paying Back Your Balance
One common problem that many web3 teams, DAOs and startups encounter is that even if they do manage to get a credit card, the balance (or statement) is in fiat and they have to pay back that credit card balance in fiat. As mentioned above, this is a costly affair, as teams will convert crypto to fiat and lose anywhere between 1-2% of the amount in fees, as well as time spent doing it (not to mention the hassle). What’s more, it’s not easy to convert crypto to fiat for companies!
Alternatively, teams can use mesha – which enables them to pay back their credit card balance in crypto.
What is Brex?
Brex is a startup that provides credit cards for fast growing venture funded startups. You can use the Brex card to help manage your expenses, issue cards to employees and pay bills such as software, ads and more.
Brex is not ideal for DAOs, which use a multisig wallet and proposal-structure to manage their operations.
What is Mesha?
Mesha is an all-in-one money management platform for web3 organizations, specializing in expense management and credit cards. With mesha, you can get access to a credit card for your team, and issue unlimited virtual cards for your DAO or web3 startup. Need to give a member a card for them to buy Facebook Ads? It’s simple to do, and you don’t have to worry about how to pay back your balance – you can pay it in crypto.
Mesha helps web3 teams bridge the gap between their fiat expenses and crypto assets.
Mesha has some additional helpful finance tools for web3 teams:
- Analytics and Insights Dashboard – easily see how much you spent, earned and more through a simple-to-use dashboard
- Transaction tracking – easily find any transaction you’ve ever made
- Spending limits – set up spending limits for different members
- DeFi – optimize your treasury by earning yield on your idle cash
- TokenSwap – easily swap tokens across all decentralized exchanges
Mesha vs Brex
The main difference between Brex and mesha is that mesha is designed for web3 teams (web3 startups, DAOs and NFT projects). Brex is designed for more traditional startups which have fiat USD. So if you’re a web3 startup with crypto, mesha is designed for your use case.
Mesha uses your wallet holdings (such as the balance in your multisig or Gnosis safe balance) to underwrite you and give you a credit limit. You can then pay back your credit card statement every month using your crypto balance.
Brex uses your bank balance to determine your credit limit, and you pay back your balance using US dollars (fiat currency). If you have crypto and want to use Brex, you’ll need to convert it to US dollars (expensive and time-consuming) to pay back your Brex credit card statement.
| Mesha | Brex | |
|---|---|---|
| Cost | Free | Free |
| Free Unlimited Credit Cards | Yes | Yes |
| Specifically Designed For Web3 Teams | Yes | No |
| Use a Multisig Wallet to pay Your Balance | Yes | No |
| Method of Underwriting for Your Credit Limit | Uses your crypto balance | Uses your bank balance |
| How to Pay Back Your Balance | Use crypto | Use Fiat |
| Can be Used by DAOs | Ideal Solution | Difficult |
| Earn Rewards | Cashback up to 1% | Different points based on categories |
| Integrated with DeFi and Decentralized Exchanges | Yes | No |
In conclusion, if you’re a web3 startup, mesha is the ideal choice for you.
Sign up in minutes to get access to a corporate credit card and expense management program exclusively designed for web3 teams and DAOs – for free.
