Fintech Brex has confirmed the $300 million funding as part of a Series D-2 round led by Greenoaks Capital and Technology Crossover Ventures (TCV).
It was reported in October 2021 that Brex had raised $300 million as part of the Series D and the company is now corroborating that report.
Brex said that since the company’s founding in 2017, it has raised a total of $1.2 billion from investors and is currently valued at $12.3 billion.
Brex included the announcement that it had selected Karandeep Anand as the company’s Chief Product Officer.
Brex noted that Anand brings extensive product leadership experience and most recently led Meta’s (Facebook) business products group, which served more than 200 million businesses globally. Prior to that, Anand spent 15 years at Microsoft where he led the product management strategy for Microsoft’s Azure cloud and developer platform efforts.
Neil Mehta, founder and Managing Partner of Greenoaks, said that Brex has always moved fast but the company has scaled even faster since their last investment:
“Brex is building a full financial operating system that keeps getting more comprehensive, all of which will delight existing customers and attract new ones. We are thrilled to continue working with the Brex team, and we look forward to being partners for years to come.”
David Zhang, Partner at TCV, said that Brex is “fundamentally transforming financial operations with a growing suite of innovative financial products and a magical user experience.” He added that they are “honored” to support founders Henrique Dubugras and Pedro Franceschi.
Henrique Dubugras, co-CEO of Brex, said they are grateful for the commitment of their investors:
“As we expand our product portfolio, we are incredibly lucky to have Karandeep join the team to lead this important initiative. Karandeep understands our customers and knows how to build and scale business products with consumer-grade ease to meet the needs of fast-growing companies.”
Anand called Brex a market disruptor with the opportunity to create economic opportunity for million of people. He said he was grateful for the opportunity to “create products that will help our customers grow their businesses.”
Brex is a Fintech that is difficult to pigeonhole as it offers a diverse and growing number of financial services. Brex integrates software and services into a single experience designed to be more manageable – more of an SME neobank that offers modern card management, treasury services, deposits, expense tracking, etc globally. Brex offers services that cater to the new generation of digital-first businesses that demand streamlined financial services – minus the bank branches.