Banking Fintech Funding

Brex Signs $200M Debt Capital Raise

Brex Adapts Rewards, Adds SBA Loan Support to Help Customers During COVID-19 Crisis

Funding Will Fuel Brex’s Fast Growing Ecommerce Product

Brex, the financial technology company that helps ambitious companies scale, announced a $200 million debt capital raise to help continue the rapid expansion of Brex’s ecommerce product. The capital comes in the form of a warehouse line of credit from Credit Suisse, backed by Brex’s corporate charge card receivables. This is Brex’s second warehouse line of credit – its first was a $100 million debt facility announced with Barclays Investment Bank in April 2019.

Read More: Republic Provides a $1.5 million Facility to a Midwestern Transportation Company

Brex has continued to enhance its risk and financial operational talent, with recent hires including Head of Credit, Mira Srinivasan from American Express’s commercial card underwriting team, VP Cash, Erica Dorfman from fintech company Tally’s finance and capital markets department, and VP Payments, Marco Mahrus, from Uber Technologies’s payments team. Brex has complemented these hires with investment into its payments and capital markets technology, highlighted by its Fall 2019 partnership with Mastercard.

“Brex is strengthening its funding and credit infrastructure to support our rapid growth and market expansion,” said Henrique Dubugras, co-founder and co-CEO of Brex. “The recent debt funding from Credit Suisse is a major milestone for Brex and for our ecommerce business in particular.”

Read More: CMBS Delinquency Rate Maintains Downward Trend in November

This financing will help bolster Brex’s ecommerce business, which has been highly successful since launching in February 2019, and has added marquis customers including The Black Tux, Perfect Keto, Outdoor Voices, and UNTUCKit. The funding allows Brex to expand its robust financial and service offering for online brands, which are attracted to its interest-free financing, 60 day payment terms, valuable rewards and expense management software.

“Brex is perfect for online brands because it offers financial flexibility and high-quality software,” said Aaron Hoey, CEO at Brex Ecommerce customer, Amour Vert.

Read More: The First Global, Stabilised, Digital Currency Controlled by Its Holders, SAGA (SGA) Lists on Global Cryptocurrency Exchange Liquid

Related posts

MoneyGram Launches Innovative MoneyGram FastSend Service Enabling Customers to Send Money Directly to a Phone Number

Fintech News Desk

OpenFin Hires Adrian Crockett as Chief Product Officer

Fintech News Desk

VersaBank Celebrates 40 Years as Canada’s “Bank of the Future”

Fintech News Desk
1