Brex, a financial services company, announced today that it has received $425 million in Series D financing. With this announcement, Brex’s valuation has risen to $7.4 billion, double that of a year ago. Tiger Capital led this round with a number of old and new investors. The new investors include TCV, GIC, Bailey Gifford, Madrone Capital Partners, Durable Capital Partners LP, Valiant Capital Management and Base10, while the old investors include Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital, Lone Pine Capital and IVP.
Since its inception in 2017 from the Y Combinator accelerator program, Brex has grown at a dizzying pace. The San Francisco-based company began by offering corporate cards for high-risk businesses, but quickly expanded its product line to meet a wide range of additional needs of small businesses. The company now offers a whole range of cash management tools that simplify the process for small businesses and make it easier for them to manage their own finances. The company’s goal is to create an all-in-one system that gives small businesses more options than traditional banks, which typically offer their products and services to large corporations.
The company is one of many unicorns in the fintech space that have attracted a lot of attention. The company, which cost less than $1 billion in 2018, has become a favorite in Silicon Valley for its growing portfolio of products and services and strong execution. Sales have also increased rapidly, even against COWID-19. Brecks noted that a record number of individuals and businesses used its services during the pandemic and that the number of small businesses established during the pandemic was the highest ever. In the first three months of 2021, the company has already increased its customer base by 80%. Enrique Dubugras, CEO of Brex, said this new round of investment will drive our growth as we continue to develop all-in-one financial solutions for all businesses.
In addition to the news of the capital increase, Brex also announced a new product called Brex Premium. This all-in-one software offers business owners a solution for managing their cash. Functions include expense reports, personal expense reports, and expense tracking for all organizational groups. Overall, this set of features will replace many of the services traditional banks offer to small businesses. The product costs $49 a month. Brex calls its premium product a way for small business owners to have peace of mind and spend more time on other tasks that help them grow their business.
This news follows the announcement in February 2021 that Brex had applied to the Federal Deposit Insurance Corporation (FDIC) to establish a bank called Brex Bank. The bank will be headquartered in Utah and will operate as a subsidiary of Brex. If approved, the bank will offer small businesses access to FDIC-insured credit and deposit products. By combining accounting and banking services, Brex strengthens the traditional financial sector and changes the way we manage our finances.
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