FinTech decacorn Brex continues to get bigger

Brex, a business banking platform, has reportedly reached the highly covered decacorn status after a $300m investment puts its valuation at $12.3bn.

The investment is believed to be led by Greenoaks, according to a report from TechCrunch which cites people familiar with the matter. While this deal has not been made public, it claims a term sheet has been signed.

Existing Brex backers also joined the round.

This investment comes just six months after Brex reached a $7.4bn valuation following a $425m Series D. The FinTech company secured the capital from Tiger Global, TCV, GIC, Baillie Gifford, Madrone Capital Partners, Durable Capital Partners and several others.

Brex claims to be on track to double its revenue this year.

The FinTech company, which was founded in 2017, claims to be an all-in-one financial platform for businesses. It initially started by offering corporate credit cards. This could give users rewards as well as tools to track expenses, spend management and automatically pay bills. Since its expansion, Brex also offers businesses with a banking account, free ACH transfers and more.

Earlier in the year, Brex’s rival Ramp also reached a sizable valuation. The FinTech company was valued at $3.9bn in August after it secured a $300m funding round.

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