Corporate credit card Fintech Brex has reportedly seen its valuation surge to $12.3 billion after securing an additional $300 million in capital.
No formal announcement has been made about Brex’s latest investment round, however, a term sheet has reportedly been finalized on the raise, according to sources familiar with the matter. The latest capital injection comes after a massive $425 million Series D that Brex closed back in April 2021, at a $7.4 billion valuation.
Brex established operations back in 2017 with a corporate card for venture backed companies and businesses, before further expanding products to provide SMEs and larger organizations with cash management solutions.
The Silicon Valley Fintech Unicorn has all rolled out an all-in-one or comprehensive platform that adds spend management and bill pay software along with a single dashboard for a $49/month charge.
More changes and updates could be in the pipeline. Earlier in 2021, the Fintech company had submitted an application to launch Brex Bank, which would allow the firm to provide FDIC-insured deposit products to small businesses without the requirement to work with an intermediary bank.
As covered in August 2021, US-based Brex, the all-in-one or comprehensive finance solution for growing businesses, introduced Brex Venture Debt, a newly-developed product that gives certain clients access to debt financing.
Brex currently provides credit cards, cash management accounts, spend management, and bill pay software together via a single, intuitive dashboard for its client base of high-growth firms. With the addition of Brex Venture Debt, the firm is “further building on its promise of offering financial solutions for customers at every stage of growth.”
Henrique Dubugras, co-founder and CEO at Brex, stated:
“Our mission has always been to support growing businesses, and as our customers have grown quickly, so have our offerings. Our venture debt solution was created with scale in mind, so that we can help founders take their business to the next level while minimizing dilution.”
Brex Venture Debt is different from conventional bank offerings by providing clients with “longer terms” and a quicker diligence process. Brex Venture Debt will be available to certain clients with scalable, recurring revenue in “high growth” sectors such as software-as-a-service (SaaS), consumer, and Fintech.