June 11, 2019
Brex, a San Francisco-based startup that provides corporate payment technology for businesses, raised $100 million in a funding round led by Kleiner Perkins Digital Growth Fund, according to a press release.
The round was backed by existing investors that include Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital and IVP.
Brex officials said they plan to expand the company's corporate payment card technology to provide additional features for corporate spending management and rewards offerings, while also offering its payment services to a wider audience of customers.
"At Brex, we build corporate payment technology to accelerate entrepreneurs and scaling companies," Henrique Duburas, co-founder and co-CEO of the company, said in the press releease. "We recognize that each business is unique and therefore tailor our product to meet their specific circumstances."
The company has raised more than $315 million in equity to date and in April raised $100 million in debt with Barclays in the form of a warehouse line of credit.
Topics: Mobile Banking, Technology Providers
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