SAN FRANCISCO — Brex, which has developed a corporate card for startups, has closed a $125 million Series C funding round led by Greenoaks Capital, DST Global and IVP.
Brex will use the funding to enhance its features, including its rewards launch later this fall. Brex customers that sign up will start accruing points now on their Brex corporate card transactions as part of its rewards beta.
“We started Brex to provide a superior corporate card to startup founders failed by legacy products,” said Henrique Dubugras, co-founder and CEO of Brex. “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.”
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. Brex participated in the Y Combinator Winter’17 batch.
As the only non-personally guaranteed small business card offering in the marketplace, the Brex corporate card has become a critical part of the stack of solutions that powers startups. Since its June 2018 public launch, Brex has been investing in the core features that drive early stage technology companies to its products: instant online signup, limits 10 to 20 times higher than traditional card offerings and embedded expense and receipt management. Now, Brex will in part use its new funding to offer an ambitious rewards program tailored to the needs and spending patterns of its customers.
“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,” said 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 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,” added IVP’s Somesh Dash.