Brex, a San Francisco, CA-based credit card built for scaling business, closed a $100m funding round.
The round was led by Kleiner Perkins Digital Growth Fund, with participation from all existing major investors Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital and IVP.
The company intends to use the funds to expand the corporate spend management features and rewards offerings, and its services to a broader customer audience.
Led by Henrique Dubugras, Brex is creating payments products offering a distinct combination of payment terms, underwriting, rewards offerings and product features to specific customer segments within the business landscape.
These include a corporate card and rewards program specifically designed for startups and a suite of products specifically designed for ecommerce businesses.
The company has already brought major online consumer retail brands such as Malin + Goetz, Outdoor Voices and Boxed.com on to the platform.
To date, Brex has raised $315m in equity financing from Y Combinator Continuity, Kleiner Perkins Digital Growth Fund, Ribbit Capital, Greenoaks Capital, DST Global, IVP, Peter Thiel and Max Levchin. In April 2019, it raised $100m of debt capital with Barclays in the form of a warehouse line of credit.