Just a year after launching its corporate credit card for startups, US fintech Brex has hit a $2.6 billion valuation off the back of a $100 million funding round led by Kleiner Perkins Digital Growth Fund.
Existing investors Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital and IVP all joined the Series C-2 round, which takes Brex's total funding to $315 million.
A year ago Brex launched the first corporate card and rewards programme specifically designed for startups. The firm built its tech stack from the ground up, enabling it to do things such as determine credit limits based on real-time monitoring of clients' accounts.
The startup has already expanded its remit with the launch, in February, of a suit of products designed for ecommerce firms. With the latest funding, it plans to move into more customer segments, beginning with life science companies.
"We recognise that each business is unique and therefore tailor our product to meet their specific circumstances," says Henrique Dubugras, co-CEO, Brex. "With this new funding, we can deliver relevant and unique financial products to an increasingly broad customer base."