Corporate card for startups Brex has raised $125m in its Series C round to support the launch of its rewards services.
The round was led by Greenoaks Capital, DST Global and IVP.
Brex closed its Series B round, on an undisclosed amount, just a few months back. Backers to the former round included Y Combinator Continuity, PayPal founders Peter Thiel and Max Levchin, Facebook investor Yuri Milner, Ribbit Capital and former Visa CEO Carl Pascarella.
Founded in 2017, Brex is a corporate card for startups which has higher limits than traditional cards and needs no personal guarantee. The card, which launched in June 2018, has instant signup, can be used via the Visa network, integrates with accounting systems by automatically transferring transaction data, and has trackable expenses.
Employers can also issue new cards to members of the team and set independent spending limits to each card.
This equity injection will be used to enhance its features which includes the launch of a rewards service. Customers can sign up and start accruing points in their Brex corporate card transactions as part of its rewards beta.
Greenoaks managing partner Neil Mehta said, “Brex has the opportunity to delight its customers with instant onboarding, seamless expense management and customized rewards programs that are deeply relevant to companies, founders and startups today.”
Earlier in the year, DST Global took part in the $245m funding round of online payments processor Stripe. The funding round valued the company at $20bn.
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