Brex closes another funding round, raising an additional $150m

May 20, 2020

Corporate credit card company Brex has bagged $150m in funding, which will help the company to bolster its engineering and product design efforts.

DST led the round, with contributions also coming from Lone Pine Capital.

The close of the round strengthens the FinTech’s balance sheet and will help it to enhance its position across its lenders and financial partners, it claims.

One of the priorities for the fresh funds will be to invest into its engineering and product and design functions to improve its expense management, procurement and software tools.

To support its growth, the company will look to make small acquisitions that compliment its hiring and product development.

Brex offers corporate cards, rewards and travel programmes tailored to different industries. The corporate card and rewards system were initially launched in 2018 and aimed at startups.

The FinTech recently released a new rewards programme which helps customers that have moved to remote working. It also added support for contactless payments with Apple Pay and Google Pay and has helped customers get access to CARES Act Payment Protection Program loans.

Earlier in the year, Brex completed three acquisitions to add “meaningful engineering and product talent to its ranks.” The companies were blockchain-based networking company Neji, video experience startup Compose Labs and database business Landria.

Lone Pine Capital portfolio manager and managing director David Craver said, “We are excited to have a front row seat as Brex continues to revolutionize financial services.

“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.”

Late last year, Brex secured a $200m debt facility from Credit Suisse to support the expansion of its products.

Prior to that, the FinTech collected a $100m investment from Kleiner Perkins, Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital and IVP.