Brex gets Kleiner Perkins backing in $100m investment round

Corporate credit card startup Brex has picked up $100m of investment in a round led by Kleiner Perkins Digital Growth Fund.

Investors including Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital and IVP also took part in the round.

Brex said it planned to use the new capital to extend its corporate spend management features and rewards offerings, while also expanding its services to a broader customer audience.

The company already provides specialist cards and rewards for use by startups, life sciences and e-commerce companies.

Mood Rowghani, general partner at Kleiner Perkins Digital Growth Fund, said, “We are investing behind Brex’s fundamental vision – that businesses want customized payment solutions tailored to their specific needs.

“It is this vision that will continue to propel Brex’s extraordinary growth.”

Brex, which was only launched a year ago, has now raised $315m in financing. In April it raised $100m of debt capital from Barclays in the form of a warehouse line of credit.

Kleiner Perkins raised $1bn for its third Digital Growth Fund in 2016.

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