Corporate credit card fintech Brex has seen its value soar to $12.3 billion after pocketing another $300 million in funding, according to TechCrunch.
No announcement has been made but a term sheet has been signed on the round, says TechCrunch, citing sources. The latest money comes after a $425 million Series D in April at a $7.4 billion valuation.
Brex launched in 2017 with a corporate card for venture backed businesses, before expanding to offer SMEs and larger organisations cash management services.
The firm has since introduced an all-in-one platform that adds spend management and bill pay software together in a single dashboard for a $49 a month fee.
More changes could be on the way: earlier this year, the firm submitted an application to establish Brex Bank, which would let it offer FDIC insured deposit products to SMBs without the need to rely on an intermediary bank.