U.S. fintech Brex introduced on Thursday it secured $150 million by way of its newest funding spherical, which was led by DST with participation from Lone Pine Capital.
As beforehand reported, Brex is searching for to assist startups of all sizes to immediately get a bank card that claims to have twenty occasions increased limits, fully automates expense administration, kills receipt monitoring and integrates with accounting programs.
“Brex is rebuilding B2B financial products, starting with a corporate credit card for technology companies. We help startups of all sizes (from recently incorporated to later-stage companies) to instantly get a credit card that has 20x higher limits, completely automates expense management, kills receipt tracking and magically integrates with their accounting systems.”
Talking concerning the funding, Henrique Dubugras, Co-Founder and Co-CEO of Brex, acknowledged:
“We’re glad to have additional capital at a time when customers need us to be focused 100% on providing services and solutions to help them navigate these challenging economic times.”
The funding spherical comes simply a few months after Brex acquired three startups to assist improve Brex Safety, e-commerce product, and infrastructure. The three corporations that Brex acquired are the next:
- Neji: A San Francisco-based startup that focuses on addressing the safety and networking challenges of scaling distributed ledgers throughout hybrid-cloud and multi-cloud deployments
- Compose Labs: A San Francisco-based startup that powers next-generation video experiences, together with the academic platform CommonLounge
- Landria: A San Francisco-based startup that organizes enterprise SaaS instruments right into a single cohesive expertise with unified search and navigation.
Dubugras additionally revealed on the time:
“Brex is committed to helping growing businesses scale, especially in challenging environments. We look forward to bringing the talented team members at Neji, Compose Labs and Landria onto the Brex team.”