Fintech foundling Brex has emerged from stealth mode on the back of a $57 million funding round to deliver corporate card services for early-stage startups
Established in 2017 by the founders of Brazilian payments processor Pagar.me, Brex is backed by 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.
The company is promising growing companies instant approval on cards that offer high limits and don’t require any kind of personal guarantee. The card - which has already been tried out by 1000 customers - comes with an integrated expense management dashboard and online receipt delivery.
“Startups that have raised millions and are poised for hyper-growth can’t get slowed down hassling with banks requiring personal guarantees and offering meager credit limits,” says Henrique Dubugras, co-founder and CEO of Brex. “Traditional credit models look at how much a company can pay back in a year based on profits, often disqualifying startups. We rebuilt the financial services tech stack from the ground up and created a new kind of card to specifically meet the needs of startups.”