Brex raises $425mn Series D funding; launches new All-In-One financial solution for businesses
By Pavithra R
Brex, reimagining financial systems for growing businesses, has announced securing $425 mn in Series D investment round led by Tiger Global, bringing the company at a valuation of over $7.4 bn.
The investment round saw participation from new investors TCV, GIC, Baillie Gifford, Madrone Capital Partners, Durable Capital Partners LP, Valiant Capital Management and Base10, with participation from all existing major investors including Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital, Lone Pine Capital and IVP.
“Our investors – new and existing – believe in our team, our business model, our product vision, our customers, and the future of Brex. We are delighted to have them on board for the next phase of our journey. This new investment round will fuel our growth as we continue to build out an all-in-one financial solution for all businesses,” said Henrique Dubugras, Brex Co-CEO.
In a separate announcement, the firm has introduced an all-in-one-finance solution that brings credit cards, business cash accounts, and new spend management and bill pay software together in a single dashboard. The company through its latest offerings addresses the needs of its growing customer base of small and medium-sized businesses (SMBs).
“Growing and maintaining a business should not depend on how good a small business owner is at managing their finances. Our all-in-one finance solution gives business owners peace of mind, and the time back to do more of what they love and remember why they started their business,” said Cosmin Nicolaescu, Brex CTO.
Brex’s all-in-one finance solution provides business owners with professional-level software. Features include enabling responsible employee spending by issuing corporate and vendor cards while avoiding the hassle of personal reimbursements or expense reports. Companies can also track expenses across the businesses in order to compare trends across departments, general ledger accounts, merchants, and individual employees.
SMBs can also utilize intelligent spend alerts to streamline costs and be more strategic about their finances through the FinTech’s new Premium offering. The all-in-one-finance products and spend management tools offered in Brex Premium will be available to Brex customers for $49 a month, payable in dollars or Brex points.
Founded in 2017 by Henrique Dubugras and Pedro Franceschi, Brex is reimagining financial systems so every growing company can realize their full potential. The FinTech in Q1 2021 alone, grew total customers by 80% with total monthly customer additions increasing by 5x.
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