Corporate card for startups developer Brex has raised its Series B round, alongside the launch of its first card.
Participation to the round came from Y Combinator Continuity, PayPal founders Peter Thiel and Max Levchin, Facebook investor Yuri Milner, Ribbit Capital and former Visa CEO Carl Pascarella. Following this new round, the company’s total funding to $57m.
Brex offers startups with a corporate card that have instant approval with a high limit and do not require any personal guarantee. The company, which also receives a virtual card, can issue new cards to employees and set different spending limits, as wells as provide bookkeepers with access to simplify accounting.
Its card also helps to capture all receipts by automatically matching them in statements, enables accounting software integrations, tracks expenses and supports easy billing.
Founded in 2017, the US-based company currently has over 1,000 customers and has opened up to national startups.
Alongside the funding, the company has added Y Combinator Continuity partner Anu Hariharan and Ribbit Capital managing partner Meyer Malka to its board.
Brex co-founder and CEO Henrique Dubugras said, “Startups that have raised millions and are poised for hyper-growth can’t get slowed down hassling with banks requiring personal guarantees and offering meagre credit limits.
“Traditional credit models look at how much a company can pay back in a year based on profits, often disqualifying startups. We rebuilt the financial services tech stack from the ground up and created a new kind of card to specifically meet the needs of startups.”
Earlier in the year, Y Combinator took part in the $100m Series C funding round of compliant background check technology platform Checkr. The company, which also received funds from T. Rowe Price Associates, and Accel, will use the capital to accelerate expansion in enterprise sectors.
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