Brex Announces Series D Investment Round
SAN FRANCISCO, CA - Brex, the company reimagining financial systems so growing businesses can realize their full potential, today announced that it has raised a $425 million Series D investment round led by Tiger Global. The round values Brex at over $7.4 billion. It includes participation from new investors TCV, GIC, Baillie Gifford, Madrone Capital Partners, Durable Capital Partners LP, Valiant Capital Management and Base10, with participation from all existing major investors including Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital, Lone Pine Capital and IVP.
“Our investors - new and existing - believe in our team, our business model, our product vision, our customers, and the future of Brex. We are delighted to have them on board for the next phase of our journey,” said Henrique Dubugras, Brex Co-CEO. “This new investment round will fuel our growth as we continue to build out an all-in-one financial solution for all businesses.”
"Brex is building the future of finance for the next generation of businesses,” said Scott Shleifer, Partner, Tiger Global. “We are excited to partner with them as they continue growing rapidly, innovating their product offerings, expanding their customer base and leading an industry that is dominated by incumbents."
Since launching in 2017 with a corporate card for venture backed businesses, Brex has expanded to offer small and medium sized businesses (SMBs) and larger organizations an all-in-one platform to manage their finances. Brex now onboards thousands of new tech and non-tech customers every month that use a combination of its payment and cash management services, and will now be able take advantage of expense management and bill pay software. In Q1 2021 alone, Brex grew total customers by 80% with total monthly customer additions increasing by 5x. SMBs now account for 45% of customers on the Brex platform.
Brex empowers the next generation of businesses with integrated corporate cards and spend management software. We make it easy for our customers to manage every aspect of spending and empower their employees to make better financial decisions from anywhere they live or work. Brex proudly serves tens of thousands of growing businesses, from early-stage startups to enterprise leaders.
Karen Tillman, Chief Communications Officer