Brex, a San Francisco, CA-based provider of a credit card for startups, raised a Series B funding round which brings $57M in total funding.
Backers included Y Combinator Continuity, PayPal founders Peter Thiel and Max Levchin, Facebook investor Yuri Milner, financial services VC Ribbit Capital and former Visa CEO Carl Pascarella. In conjunction with the funding, Anu Hariharan, Partner, Y Combinator Continuity, and Meyer Malka, Managing Partner, Ribbit Capital, joined the board.
Led by Henrique Dubugras, co-founder and CEO, Brex has launched a corporate card specifically designed to allow startups to qualify based on funding rather than credit history. Companies can get instant approval on cards that offer high limits and don’t require any kind of personal guarantee.
The company, which participated in the Y Combinator Winter ’17 batch, claims it has over 1,000 customers. It is now open to startups nationally with a quick application at Brex.com.