Site icon FinTecBuzz

Brex Announces $150M Capital Raise

Brex

Brex

Brex, the financial technology company reimagining financial systems for growing companies, today announced that an investment group including Lone Pine Capital as well as a group of existing investors led by DST has invested an additional $150 million in the company. The investment represents a slight premium to Brex’s post money valuation.

This fresh capital strengthens the Brex balance sheet and bolsters Brex’s standing as the leading financial services provider to technology, ecommerce, life sciences and other businesses. The equity proceeds also enhance Brex’s position across all of its lenders and financial partners.Fintech News

“We’re glad to have additional capital at a time when customers need us to be focused 100% on providing services and solutions to help them navigate these challenging economic times,” said Henrique Dubugras, Co-Founder and Co-CEO of Brex.

Brex is specifically using the proceeds to further invest across engineering and product and design functions in order to improve expense management, procurement and software tooling for its customers. The company will use a combination of organic efforts as well as small acquisitions to supplement its hiring and product development efforts.

“We are excited to have a front row seat as Brex continues to revolutionize financial services,” said David Craver, Portfolio Manager and Managing Director of Lone Pine Capital. “With one of the strongest executive teams in fintech, we look forward to seeing Brex continue to provide support and innovative solutions to its customers through this dynamic and unprecedented business environment.”

Brex has spent the last few months adapting its business for the current economic conditions and public health environment. Brex introduced a new rewards program to better serve customers that have moved to remote work, added contactless payment support for Apple Pay and Google Pay and helped its customers obtain millions of dollars in CARES Act Payment Protection Program loans. Brex also released for general availability its all-online bank account replacement product, Brex Cash, which allows entrepreneurs the ability to sign up for a savings and payments product in 10 minutes without ever entering a bank branch.

“As a customer of Brex, I’ve been amazed at the pace of product development and improvements they have released, which has only redoubled following the onset of COVID-19,” said Baris Akis, Co-Founder and President of Human Capital.

Exit mobile version