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. Corporate cards for start-ups 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.
Brex, a US start-up which provides corporate cards for other start-ups, has raised $125m to develop its offering and add a rewards system. The series C funding round was led by Greenoaks Capital, IVP and DST Global. Brex offers online signups, limits of up to 20 times that of traditional cards, along with embedded management for expenses and receipts. The firm was launched in June 2018 by the founders of Pagar.me, a Brazilian payment processing firm. Aside from the series C investors, Brex has received backing from Y Combinator Continuity, Peter Thiel, Max Levchin and Ribbit Capital.