Funding Will Fuel Brex’s Fast Growing Ecommerce Product
SAN FRANCISCO--(BUSINESS WIRE)--Brex, the financial technology company that helps ambitious companies scale, today announced a $200 million debt capital raise to help continue the rapid expansion of Brex’s ecommerce product. The capital comes in the form of a warehouse line of credit from Credit Suisse, backed by Brex’s corporate charge card receivables. This is Brex’s second warehouse line of credit - its first was a $100 million debt facility announced with Barclays Investment Bank in April 2019.
Brex has continued to enhance its risk and financial operational talent, with recent hires including Head of Credit, Mira Srinivasan from American Express’s commercial card underwriting team, VP Cash, Erica Dorfman from fintech company Tally’s finance and capital markets department, and VP Payments, Marco Mahrus, from Uber Technologies’s payments team. Brex has complemented these hires with investment into its payments and capital markets technology, highlighted by its Fall 2019 partnership with Mastercard.
“Brex is strengthening its funding and credit infrastructure to support our rapid growth and market expansion,” said Henrique Dubugras, co-founder and co-CEO of Brex. “The recent debt funding from Credit Suisse is a major milestone for Brex and for our ecommerce business in particular.”
This financing will help bolster Brex’s ecommerce business, which has been highly successful since launching in February 2019, and has added marquis customers including The Black Tux, Perfect Keto, Outdoor Voices, and UNTUCKit. The funding allows Brex to expand its robust financial and service offering for online brands, which are attracted to its interest-free financing, 60 day payment terms, valuable rewards and expense management software.
“Brex is perfect for online brands because it offers financial flexibility and high-quality software,” said Aaron Hoey, CEO at Brex Ecommerce customer, Amour Vert.
To date, Brex has raised $315 million in equity financing from Y Combinator Continuity, Ribbit Capital, Greenoaks Capital, DST Global, IVP, Peter Thiel and Max Levchin, and $300 million in debt capital from Barclays Investment Bank and Credit Suisse.
Brex is transforming B2B payments by creating corporate cards, rewards, and travel programs that are tailored to specific industries. In 2018 Brex launched the first corporate card and rewards program specifically designed for startups. By rebuilding the credit card tech stack from the ground up, Brex is able to reimagine every aspect of corporate cards, including underwriting, transparency, and approvals, to create a radically better experience for customers. Brex is backed by Y Combinator Continuity, Peter Thiel, Max Levchin, and more, and has raised $315M in equity and $300M in debt capital. The company’s headquarters are in San Francisco with an additional office in the Salt Lake Valley.
Sutherlandgold for Brex