Brex,
the credit card built for scaling business, today announced it closed a
$100 million investment round led by Kleiner Perkins Digital Growth
Fund, with participation from all existing major investors including Y
Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital and
IVP.
The financing will be used to bolster Brex’s product, which is the only
corporate payments solution that can be customized for specific business
verticals. With this fresh capital, Brex will be both expanding the
corporate spend management features and rewards offerings, while also
expanding its services to a broader customer audience. By offering a
distinct combination of payment terms, underwriting, rewards offerings
and product features to specific customer segments within the business
landscape, Brex is challenging the financial services industry status
quo.
“At Brex, we build corporate payment technology to accelerate
entrepreneurs and scaling companies. We recognize that each business is
unique and therefore tailor our product to meet their specific
circumstances,” said Henrique Dubugras, co-founder and co-CEO of Brex.
“With this new funding, we can deliver relevant and unique financial
products to an increasingly broad customer base.”
Since the company’s launch one year ago, Brex has expanded beyond
startups to focus on larger tech companies and ecommerce businesses. In
February, Brex launched a suite of products specifically designed for
ecommerce businesses. By creating a customized solution that solves many
of the industry’s pain points, Brex has brought major online consumer
retail brands such as Malin + Goetz, Outdoor Voices and Boxed.com on to
the platform. With a combination of 60-day payment terms, interest-free
financing and tailored rewards, the Brex ecommerce value proposition has
been rapidly adopted in a market ignored by financial services
incumbents.
“We are investing behind Brex’s fundamental vision – that businesses
want customized payment solutions tailored to their specific needs,”
said Mood Rowghani, General Partner at Kleiner Perkins Digital Growth
Fund and co-founder of Bond. “It is this vision that will continue to
propel Brex’s extraordinary growth.”
To date, Brex has raised $315 million in equity financing from Y
Combinator Continuity, Kleiner Perkins Digital Growth Fund, Ribbit
Capital, Greenoaks Capital, DST Global, IVP, Peter Thiel and Max
Levchin. In April 2019, Brex raised $100 million of debt capital with
Barclays in the form of a warehouse line of credit.
About Brex
Brex is transforming financial services by creating payments products
that are tailored to specific industries. In 2018 Brex launched the
first corporate card and rewards program specifically designed for
startups. By rebuilding the credit card tech stack from the ground up,
Brex can reimagine every aspect of corporate cards, including
underwriting, expense management and rewards, to create a radically
better experience for customers. The company’s headquarters are in San
Francisco.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190611005241/en/