With the COVID-19 pandemic enforcing a change in every business sector, Brex has been rapidly transforming its business to adapt to the new normal. The company instituted a rewards program and integrated contactless payments with Apple Pay and Google Pay
Fremont, CA:Financial technology firm Brex secured USD 150 million in a funding round led by previous investor DST. The round was also participated by new investor Lone Pine Capital and other previous investors. The San Francisco-based company has raised over USD 400 million in funding to date. Proceeds from the latest investment round will be used to further invest across engineering and product and design functions to improve expense management, procurement, and software tooling for its customers, combining organic efforts as well as small acquisitions to supplement these efforts.
“We’re glad to have additional capital at a time when customers need us to be focused 100 percent on providing services and solutions to help them navigate these challenging economic times,” said Henrique Dubugras, co-founder and co-chief executive officer of Brex. In late March this year, the company had announced that it had acquired three companies, Neji, Compose Labs, and Landria, for an undisclosed amount.
With the COVID-19 pandemic enforcing a change in every business sector, Brex has been rapidly transforming its business to adapt to the new normal. The company instituted a rewards program and integrated contactless payments with Apple Pay and Google Pay. Brex has also been assisting its customers in availing loans from the Paycheck Protection program.
“We are excited to have a front-row seat as Brex continues to revolutionize financial services,” said David Craver, portfolio manager and managing director for Lone Pine Capital. “With one of the strongest executive teams in FinTech, we look forward to seeing Brex continue to provide support and innovative solutions to its customers through this dynamic and unprecedented business environment.”
In addition to the funding round, Brex has also expanded the availability of Brex Cash, its online bank account replacement solution. This tool helps entrepreneurs to sign up for savings and payments products in minutes from their homes or businesses. “As a customer of Brex, I’ve been amazed at the pace of product development and improvements they have released, which has only redoubled following the onset of COVID-19,” said Baris Akis, co-founder and president of Human Capital.