Brex, the fast-growing firm behind a corporate credit card for startups, has raised $150 million in funding from, among others, Lone Pine Capital and DST.
With Covid-19 hitting its customer base, Brex says the funding - an extension of a $100 million Series C which valued the firm at $2.6 billion last summer - will strengthen its balance sheet and bolster its standing.
Launched around two years ago, the Brex corporate card and rewards programme is 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 says it has spent the last few months "adapting its business" for the Covid-19 era, introducing a rewards programme to better serve customers that have moved to remote working, as well as adding support for Apple Pay and Google Pay.
The latest funding will be used to invest across engineering and product and design functions in order to improve expense management, procurement and software tooling. The company will use a combination of organic efforts as well as "small acquisitions" to supplement its hiring and product development efforts.
“We’re glad to have additional capital at a time when customers need us to be focused 100% on providing services and solutions to help them navigate these challenging economic times,” says Henrique Dubugras, co-CEO, Brex.