- Brex – a company reimagining financial systems so growing businesses can realize their full potential – announced it raised $425 million in Series D at a valuation of over $7.4 billion.
Brex — a company reimagining financial systems so growing businesses can realize their full potential — announced that it has raised a $425 million Series D investment round led by Tiger Global. And the funding round values Brex at over $7.4 billion.
This round includes 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.
Since launching in 2017 with a corporate card for venture backed businesses, Brex expanded to offer small and medium sized businesses (SMBs) and larger organizations an all-in-one platform for managing their finances. And Brex now onboards thousands of new tech and non-tech customers every month that use a combination of its payment and cash management services and will now be able take advantage of expense management and bill pay software.
In Q1 2021, Brex grew its total customers by 80% with total monthly customer additions increasing by 5x. And SMBs now account for 45% of customers on the Brex platform.
“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.”
— Henrique Dubugras, Brex Co-CEO
“Brex is building the future of finance for the next generation of businesses. We are excited to partner with them as they continue growing rapidly, innovating their product offerings, expanding their customer base and leading an industry that is dominated by incumbents.”
— Scott Shleifer, Partner, Tiger Global