Brex, a San Francisco, CA-based financial technology company for companies to scale, raised $200m in debt capital.
The capital came in the form of a warehouse line of credit from Credit Suisse, backed by Brex’s corporate charge card receivables.
This is Brex’s second warehouse line of credit – its first was a $100 million debt facility announced with Barclays Investment Bank in April 2019.
The company intends to use the funds to continue to expand its financial and service offering for online brands.
Led by Henrique Dubugras, Brex is creating corporate cards, rewards, and travel programs that are tailored to specific industries. In 2018, the company launched the first corporate card and rewards program specifically designed for startups.
This financing will now allow Brex to enhance its ecommerce business, which, launched in February 2019, has added customers including The Black Tux, Perfect Keto, Outdoor Voices, and UNTUCKit.
The company, which also has an additional office in the Salt Lake Valley, recently hired:
– Head of Credit, Mira Srinivasan,
– VP Cash, Erica Dorfman, and
– and VP Payments, Marco Mahrus.
This Fall, Brex has signed a partnership with Mastercard.