SAN FRANCISCO, CA - Brex, 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

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.


About Brex

Brex is the first fully unified global spend platform — with corporate cards, expense management, reimbursements, bill pay, and travel, all in one place. Brex makes it easy for finance teams and founders to manage every aspect of global spend at scale by empowering their employees anywhere to make better financial decisions. Brex proudly serves tens of thousands of businesses, from enterprises to startups. To learn more about Brex's unified spend platform, visit


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