Brex Inc. Closes $185 Million Inaugural Securitization Issuance | Press | Brex
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Brex Inc. Closes $185 Million Inaugural Securitization Issuance

San Francisco, CA - April 5, 2021 - 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.

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

With an innovative approach to corporate credit cards and cash management, Brex creates a radically better way for their customers to save and spend money. Brex started as part of the Y Combinator accelerator program in 2017, and has grown to a team of over 500 people. Brex is based in San Francisco and has raised over US$515 million in venture capital, with support from Kleiner Perkins Growth, YC Continuity Fund, Greenoaks Capital, Ribbit Capital, IVP, DST Global, as well as investors like Peter Thiel and Max Levchin. Learn more about Brex.

Open an account

Brex Inc. Closes $185 Million Inaugural Securitization Issuance

San Francisco, CA - April 5, 2021 - 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.

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

With an innovative approach to corporate credit cards and cash management, Brex creates a radically better way for their customers to save and spend money. Brex started as part of the Y Combinator accelerator program in 2017, and has grown to a team of over 500 people. Brex is based in San Francisco and has raised over US$515 million in venture capital, with support from Kleiner Perkins Growth, YC Continuity Fund, Greenoaks Capital, Ribbit Capital, IVP, DST Global, as well as investors like Peter Thiel and Max Levchin. Learn more about Brex.

Brex Inc. Closes $185 Million Inaugural Securitization Issuance

San Francisco, CA - April 5, 2021 - 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.

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

With an innovative approach to corporate credit cards and cash management, Brex creates a radically better way for their customers to save and spend money. Brex started as part of the Y Combinator accelerator program in 2017, and has grown to a team of over 500 people. Brex is based in San Francisco and has raised over US$515 million in venture capital, with support from Kleiner Perkins Growth, YC Continuity Fund, Greenoaks Capital, Ribbit Capital, IVP, DST Global, as well as investors like Peter Thiel and Max Levchin. Learn more about Brex.