Brex is a company that is known as the “corporate card for startups.” Recently, Brex raised $125 million in Series C funding led by Greenoaks Capital, DST Global, and IVP. According to Forbes contributor Donna Fuscaldo, this gave Brex a $1.1 billion valuation in under two years.
“We started Brex to provide a superior corporate card to startup founders failed by legacy products,” said Brex co-founder and CEO Henrique Dubugras in a statement. “With this fresh funding, we are able to enhance our growth efforts and continue to benefit founders and operators, particularly those who are unable or hesitant to personally guarantee their company’s corporate card.”
With this round of funding, Brex will be able to offer an ambitious rewards program based on the needs and spending patterns of customers. Brex customers who sign up now can start accruing points on their Brex corporate card transactions through its rewards beta program. Brex also has innovative underwriting and onboarding experience designed for startups.
“Brex has the opportunity to delight its customers with instant onboarding, seamless expense management and customized rewards programs that are deeply relevant to companies, founders and startups today,” added Greenoaks’ Managing Partner Neil Mehta. “Brex is simplifying financial access for small and medium businesses beginning with startups. We are delighted to partner with Henrique and the Brex team as they build the next generation of credit card products,” added DST Global Managing Partner Saurabh Gupta.
Brex’s corporate card is the only non-personally guaranteed small business card offering in the marketplace. Ever since the corporate card launched in June 2018, Brex has been investing in features that drive early stage companies to its products such as instant online sign-ups and limits that are 10 to 20 times higher than traditional card offerings. Plus its software platform supports embedded expense and receipt management.
Also with this funding, Brex is able to enhance its growth efforts and continue to benefit founders especially those who are unable or are hesitant to personally guarantee their company corporate card.
“Brex is off to one of the most exciting starts we’ve ever seen due to a combination of exceptional products, viral adoption by the target customer base and missionary founders focused on building for the long term,” explained IVP’s Somesh Dash.
Brex is also backed by Y Combinator Continuity, Ribbit Capital, Peter Thiel, and Max Levchin. And Brex participated in Y Combinator’s Winter 2017 batch.