- Brex announced it raised $150 million in funding from Lone Pine Capital and a group of existing investors led by DST
Financial technology company Brex announced it raised $150 million in funding from Lone Pine Capital along with a group of existing investors led by DST.
“We’re glad to have additional capital at a time when customers need us to be focused 100% on providing services and solutions to help them navigate these challenging economic times,” said Henrique Dubugras, Founder and Co-CEO of Brex.
Brex will be using the proceeds for further investing across engineering and product and design functions along with improving expense management, procurement, and software tooling for its customers. Plus the company will use a combination of organic efforts as well as small acquisitions to supplement its hiring and product development efforts.
“We are excited to have a front-row seat as Brex continues to revolutionize financial services,” added David Craver, Managing Director at Lone Pine Capital. “With one of the strongest executive teams in fintech, we look forward to seeing Brex continue to provide support and innovative solutions to its customers through this dynamic and unprecedented business environment.”
Over the last few months, Brex adapted its business for the current economic conditions and public health environment. And Brex launched a new rewards program for better serving customers that have moved to remote work. Plus the company added contactless payment support for Apple Pay and Google Pay.
Brex also helped its customers obtain millions of dollars in CARES Act Payment Protection Program loans. And Brex released its all-online bank account replacement product Brex Cash for general availability.
“As a customer of Brex, I’ve been amazed at the pace of product development and improvements they have released, which has only redoubled following the onset of COVID-19,” commented Baris Akis, Co-Founder and President of Human Capital.