Founded by Henrique Duburgras Pedro Franceschi, Brex, a Corporate Credit Card fintech company launched in 2017, raised $ 300 million of funding and now values $12.3 billion. According to TechCrunch, this deal is not yet public, and the source wishes to remain anonymous.
In April 2021, the company was valued, $7.4 billion after raising a $425 million Series D fund by Tiger Global Management. The company had also raised $1.2 billion in equity and debt which has now climbed to $1.5 billion.
Read More: Brex is backed by many investors like Y Combinator, DST Global, Kleiner Perkins, PayPal co-founders Peter Thiel and Max Levchin, Lone Pine Capital, and fintech specialist Ribbit Capital.
As mentioned above, the company has doubled its revenue in 2021, although it has not been officially announced yet.
Brex is also onboarding new non-tech and tech customers every month which have increased their customer base by 80% in the first quarter of 2021 with monthly addition of customers by 5X.
The company, at the beginning of 2021, has declared its plans to launch Brex Bank. This bank will remove the need to rely on the intermediary bank for fixed deposits.
Brex has also announced its collaboration with Zapier, which will permit to automate the workflow among its products without the need to code.
Read More: Zelle and Fiserv Launch Program to Bring Real-Time P2P Payments to Minority Depository Institutions
Earlier in August, the company acquired Weav, for $500 million which will help the company to provide services more precisely and quickly.
Brex currently offers various payment and spending management services to various large organizations and SMEs. It also offers an all-in-one bill payment with name Brex premium software for a monthly fee of $49. The company has also announced a new service for customers with the name Brex API which allows them to seamlessly manage their information with a new user-friendly interface.
[To share your insights with us, please write to sghosh@martechseries.com]
