# Brex Inc. Closes $185 Million Inaugural Securitization Issuance

Brex announced that it has completed the debut securitization transaction out of its newly-established Brex Commercial Charge Card Master Trust

**URL Source:** https://www.brex.com/journal/press/brex-securitization-issuance

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**SAN FRANCISCO, CA **- [Brex](https://brex.com), the company reimagining financial systems so growing businesses can realize their full potential, today announced that it has completed the debut securitization transaction out of its newly-established Brex Commercial Charge Card Master Trust. The transaction’s $185 million of charge card asset-backed notes are rated by Kroll Bond Rating Agency, of which $180.5 million are senior, A rated bonds.

![Brex credit card](https://brand.brex.com/transform/0435a04a-066d-4028-b1b3-f6b3b5485411/PR-Story21-Charter)

This milestone highlights the continued growth of Brex’s card business, providing valuable financial products and services to growing businesses. It also bolsters the Company’s liquidity position and strength as a financial counterparty to its customers.

“Setting up Brex’s master trust structure and offering rated notes is an important step in our development,” said Erica Dorfman, Senior Vice President of Payments & Capital Markets at Brex. “We’re incredibly excited to launch this transaction, which we believe will be the first of many future issuances as a part of Brex’s overall card financing framework.”

Brex is the Sponsor, Servicer, Administrator, and Seller for the Series 2021-1 Notes. The Series 2021-1 Notes represent the Company’s first offering of asset-backed securities sponsored by Brex and the first series of notes issued from the master trust. The Series 2021-1 Notes are collateralized by a portfolio of receivables originated in non-revolving corporate charge card accounts. The accounts are opened through the Brex platform and ultimately approved and originated through Brex’s partner bank relationships.

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