Brex has announced it has closed a US$100m investment round led by Kleiner Perkins Digital Growth Fund, with participation from all existing major investors including Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital and IVP.

The financing will be used to bolster Brex’s product, which it says is the only corporate payments solution that can be customised for specific business verticals. With this fresh capital, Brex will be both expanding the corporate spend management features and rewards offerings, while also expanding its services to a broader customer audience.

To date, Brex has raised US$315m in equity financing from Y Combinator Continuity, Kleiner Perkins Digital Growth Fund, Ribbit Capital, Greenoaks Capital, DST Global, IVP, Peter Thiel and Max Levchin. In April 2019, Brex raised US$100m of debt capital with Barclays in the form of a warehouse line of credit.