Brex has completed a $ 425 million Series D funding round with a valuation of $ 7.4 billion and is aggressive in expanding beyond its core credit card products with the launch of a new all-in-one finance platform. I am doing.
Brex was launched in 2017 with a corporate card for venture support businesses before expanding to provide cash management services to small businesses and large organizations. The new all-in-one platform combines spending management and billing software into one dashboard for $ 49 per month.
Further changes may be in progress. Earlier this year, the company filed an application to establish Brex Bank. This will allow SMBs to offer FDIC insured deposit products without resorting to intermediary banks.
Financing rounds take place each month when a company hires thousands of new and non-technical customers. In the first quarter of 2021 alone, the company increased its total customer base by 80%. Currently, SMBs make up 45% of Brex platform customers.
The round will be led by Tiger Global with participation from TCV, GIC, Baillie Gifford, Madrone Capital Partners, Durable Capital Partners LP, Valiant Capital Management, Base10, Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital, Lone Pine Capital and IVP. did. Everyone participated in the funding round.
Henrique Dubugras, Co-CEO of Brex, said: “This new investment round will drive growth as we continue to build all-in-one financial solutions for all businesses.”
Brex reaches $ 7.4 billion in $ 425 million funding round
Source link Brex reaches $ 7.4 billion in $ 425 million funding round