US card provider Brex is it with $125m funding
San Francisco-based Brex, which offers corporate cards for start-ups, has closed a $125 million Series C funding round led by Greenoaks Capital, DST Global and IVP.
Brex explains that it is further investing in enhancing its features, including its rewards launch later this fall/autumn.
Henrique Dubugras, co-founder and CEO of Brex, says it can “continue to benefit founders and operators, particularly those who are unable or hesitant to personally guarantee their company’s corporate card”.
Since its June 2018 public launch, Brex has been investing in its core features – such as online signup, limits 10 to 20 times higher than “traditional” card offerings, and embedded expense and receipt management.
Along with that launch, it also closed a Series B round of financing – bringing total funding to $57 million.
The firm was founded in 2017 by the founders of Brazilian payments processor Pagar.me. Brex is backed by Y Combinator Continuity, Ribbit Capital, Greenoaks Capital, DST Global, IVP, Peter Thiel and Max Levchin.