Spend management giant Brex breaks decacorn status

US-based corporate spend management firm Brex, has raised an additional $300m in a Series D-2 round led by Greenoaks Capital and Technology Crossover Ventures (TCV).

The latest funding round will enable Brex to deepen its investment in expanding its product portfolio, serving a wider range of finance needs for fast-growing companies.

The business banking platform gained decacorn status in October last year following a $300m investment propelling it to a $12.3bn valuation. This investment came just six months after the company reached a $7.4bn valuation following a $425m Series D round.

Since its founding in 2017, Brex has raised a total of $1.2bn from investors. Brex describes itself as 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.

Neil Mehta, founder and managing partner of Greenoaks, noted that the FinTech has experienced considerable growth, which is only getting faster as the company scales its business.

“Brex is building a full financial operating system that keeps getting more comprehensive, all of which will delight existing customers and attract new ones. We are thrilled to continue working with the Brex team, and we look forward to being partners for years to come,” he said.

The company also appointed Karandeep Anand as its chief product officer. Anan joins Brex from Meta, formerly Facebook, where he led the firm’s business products group.

Anand dubbed Brex a “market disruptor”, adding that the opportunity to create economic opportunity for millions of people and businesses globally through innovation in financial products is “incredibly exciting”.

“The opportunity ahead for Brex is expansive, and I’m grateful for the opportunity to create products that will help our customers grow their businesses,” he continued.

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