Henrique Dubugras, co-founder and co-CEO, Brex

San-Francisco-based Brex, an industry-specific payment products provider, today announced that it has 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.

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.

“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.”

The funding will go towards enhancing Brex’s product range catering to 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.

Brex has seen rapid expansion since its launch one-year prior with their focus shifting from startups to larger tech companies and e-commerce businesses. Brex has brought major online consumer retail brands such as Malin + Goetz, Outdoor Voices and Boxed.com on to its client list.

“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.”

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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