Brex raises $425 million in the latest round of funding and has launched a financial solution for businesses
In 2021, VC investors have already poured over $2.885 billion into commercial payments companies and with ever-growing competition in the industry, the pace is accelerating.
This week, San Francisco-based fintech company Brex has raised $425 million in its series D investment round of funding which was led by Tiger Global. The funding was based on the valuation of $7.4 billion which was mentioned in the press release.
Additional investors apart from Tiger Global included ‘TCV, GIC, Baillie Gifford, Madrone Capital Partners, Durable Capital Partners LP, Valiant Capital Management and Base10, with participation from all existing major investors including Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital, Lone Pine Capital and IVP’.
The company’s co-CEO noted that this fund will “fuel our growth as we continue to build out an all-in-one financial solution for all businesses”.
In separate news, the company also announced the launch of an all-in-one solution for businesses which the company says would bring ‘credit cards, business cash accounts, and new spend management and bill pay software together in a single dashboard’.
The company says this will address the need of its ‘growing customer base of small and medium sized businesses (SMBs)’. This platform also enables ‘employee spending by issuing corporate and vendor cards, while avoiding the hassle of personal reimbursements or expense reports’. Companies can also track expenses across the business departments, general ledger accounts, merchants and individual employees.
The press release also noted that the company grew its customer base by 80% in Q1 2021 as compared to the previous year. The company till now has raised $940 million in venture capital.