Brex, a San Francisco, CA-based financial technology company, raised $150m in funding.
Backers included Lone Pine Capital as well as a group of existing investors led by DST Global.
The company, which has raised over $400M in funding, intends to use the funds to further invest across engineering and product and design functions in order to improve expense management, procurement and software tooling for its customers, combining organic efforts as well as small acquisitions to supplement these efforts.
Led by Henrique Dubugras, Brex is a provider of corporate credit cards and cash management solutions. The company recently introduced a new rewards program to serve customers that have moved to remote work, added contactless payment support for Apple Pay and Google Pay and helped its customers obtain millions of dollars in CARES Act Payment Protection Program loans. Brex also released for general availability its all-online bank account replacement product, Brex Cash, which allows entrepreneurs the ability to sign up for a savings and payments product in a few minutes without ever entering a bank branch.
FinSMEs
19/05/2020