U.S. fintech Brex announced on Wednesday it secured $200 million through its latest debt capital raise to continue the rapid expansion of its e-commerce product. The capital reportedly comes in the form of a warehouse line of credit from Credit Suisse, backed by Brex’s corporate charge card receivables.
Founded in 2017, Brex states it helps startups of all sizes to instantly get a credit card that claims to have twenty times higher limits, completely automates expense management, kills receipt tracking and integrates with accounting systems. Speaking about the funds, Henrique Dubugras, Co-Founder and Co-CEO of Brex, stated:
“Brex is strengthening its funding and credit infrastructure to support our rapid growth and market expansion. The recent debt funding from Credit Suisse is a major milestone for Brex and for our e-commerce business in particular.”
Brex went on to add that the financing will help bolster its e-commerce business. 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.
