Brex, a San Francisco, CA-based provider of a corporate card for startups, received $100m in debt capital from Barclays Investment Bank.
The capital comes in the form of a warehouse line of credit, which is backed by Brex’s corporate charge card receivables.
With the financial support from Barclays, the company will continue to scale its corporate offerings to different business verticals.
Led by Henrique Dubugras, co-founder and CEO, Brex is a B2B payments company creating corporate cards, rewards, and travel programs tailored to specific industries. In 2018, the company launched the first corporate card and rewards program specifically designed for startups.
To date, Brex has raised $215m in equity financing from Y Combinator Continuity, Ribbit Capital, Greenoaks Capital, DST Global, IVP, Peter Thiel and Max Levchin.