Brex, the first corporate card for startups, has completed a $125m series C funding round led by Greenoaks Capital, DST Global and IVP.
Building off the momentum from its innovative underwriting and onboarding experience tailored to startups, Brex is further investing in enhancing its features, including its rewards launch later this fall.
Starting today, Brex customers that sign up will start accruing points on their Brex corporate card transactions as part of its rewards beta.
Brex co-founder and CEO Henrique Dubugras said: “We started Brex to provide a superior corporate card to startup founders failed by legacy products.
“With this fresh funding, we are able to enhance our growth efforts and continue to benefit founders and operators, particularly those who are unable or hesitant to personally guarantee their company’s corporate card.”
As the only non-personally guaranteed small business card offering in the marketplace, the Brex corporate card has become a critical part of the stack of solutions that powers startups.
Since its June 2018 public launch, Brex has been investing in the core features that drive early stage technology companies to its products: instant online signup, limits 10 to 20 times higher than traditional card offerings and embedded expense and receipt management.
Now, Brex will in part use its new funding to offer an ambitious rewards program tailored to the needs and spending patterns of its customers.
DST global managing partner Saurabh Gupta said: “Brex has the opportunity to delight its customers with instant onboarding, seamless expense management and customized rewards programs that are deeply relevant to companies, founders and startups today.
“Brex is simplifying financial access for small and medium businesses beginning with startups. We are delighted to partner with Henrique and the Brex team as they build the next generation of credit card products.
“Brex is off to one of the most exciting starts we’ve ever seen due to a combination of exceptional products, viral adoption by the target customer base and missionary founders focused on building for the long term,” added IVP’s Somesh Dash.
Source: Company Press Release