Brex secures a $100 million debt financing through Barclay’s Investment Bank

Brex, the first credit card company provider for startups, announced yesterday a $100 million debt financing via Barclays Investment Bank, a British multinational consumer and wholesale bank.

According to a report from TechCrunch, the company has raised a total of $215 million in equity funding at a $1.1 billion valuation for the past two years since it advanced from the Y Combinator Continuity, Ribbit Capital, Greenoaks Capital, DST Global, IVP, Peter Thiel, and Max Levchin.

Henry Dubugras, Brex’s CEO, clarified that the debt will power the company’s next phase of growth, which involves the launching of a credit card specifically designed for large companies. As explained by Dubugras, with the company’s fast equity raise, the team has decided to put most of it on their lending service, which will allow them to gain much more than their equity. The CEO also confirmed that with the companies fast growth, they currently have no plan of raising additional equity funding.

Just recently, Brex has managed to achieve momentous advancements in both its financial and capital markets, including software upgrades and strategic acquisitions by purchasing Elph, a blockchain startup company, which will provide significant help to Brex in creating the company’s next grand product, a credit card for Fortune 500 companies.

Martin Attea, Head of Securitized Products Origination at Barclays, expressed his delight to partner with the said startup company in offering high quality and innovative solutions to clients. He even noted that partnering with such a high-growth fintech company serves as a “core” to their company’s strategy.

Given the said milestone, Brex now prides itself with yet another way to give its customers higher quality of services that fit today’s needs and lifestyle. As mentioned by Frank D. Yeary, former Global Head of M&A at Citigroup and Vice-Chancellor of the University of California, the recent announcement reflects a significant maturity level of Brex as a rising model within the industry.

RELATED ARTICLES

Program for an Electric Vehicle Tax Credit for Union-Built Vehicles
Credit

Program for an Electric Vehicle Tax Credit for Union-Built Vehicles Faces Obstacle

House Democrats' plan to provide customers with an additional option to encourage union-built vehicles has sparked controversy and discussion among legislators, manufacturers, and other parties. The House Ways and Means Committee last week cleared the tax breaks for consideration in the Democrats' $3.5 trillion budget bill measure, despite vocal objections...
Williams-Sonoma Key Rewards Credit Card Program
Credit

Williams-Sonoma and Capital One Introduce The Key Rewards Credit Card Program

Williams-Sonoma, Inc., a leading American home retail company, revealed that it has partnered with bank holding company Capital One to introduce the Key Rewards Credit Card Program. The company’s top-level Key Rewards program is upgraded with new credit cards. Cardholders can accumulate rewards when they shop at Williams Sonoma, Inc....
Federal Bank Credit Cards In Partnership With Visa
Credit

Federal Bank Introduces Credit Cards In Partnership With Visa

Federal Bank has announced the introduction of its credit card in India. To offer credit cards to its current clients, the private banking company has collaborated with Visa, the worldwide financial services corporation. As per Shyam Srinivasan, Managing Director and CEO of Federal Bank, the issuance of the card would...
Wells Fargo Personal Credit Lines Closure Plan
Credit

Wells Fargo Drops Personal Credit Lines Closure Plan

Wells Fargo & Co. sparked a public outcry when it announced plans to phase down personal lines of credit in July, but the firm will reverse direction on August 18, 2021. Customers who have been using their personal credit lines have just received notice from the San Francisco-based lender...
Universal Credit Human Rights Legislation
Credit

The Reduction in Universal Credit Violates Human Rights Legislation

According to the UN's poverty expert, reducing universal credit by £20 per week is an "unjustifiable" decision that violates human rights law and would certainly lead to an expansion of poverty. The retreat of the £1,000-a-year uplift from next month, according to Olivier De Schutter, the UN-appointed chair of the...
Credit Cards Dark Web Data Leak
Credit

Hackers Leak 1M Credit Cards on the Dark Web

One million stolen credit cards have been posted by hackers on the Dark Web through AllWorld.Cards. The act was reportedly done by cybercriminals in an attempt to promote their activities and operations, as well as make their organization known. The leaked credit card information was discovered by cybersecurity researchers from...
Carter’s Child Tax Credit May Boost Children’s Apparel Business
Credit

Carter’s Says Child Tax Credit May Boost Children’s Apparel Business

Carter’s, an American retailer for children’s apparel, says that with the new child tax credit rolling out across the United States, and as the usual shopping for back-to-school resumes, the company is confident about its opportunities. To meet the consumers’ demand, the company is being compelled to pay extra to...
Younited Credit Yields Million in Fund
Credit

Younited Credit Yields $170 Million in Fund Round

Younited Credit, a France-based company, has secured $170 million in fund round. Consumers in Europe can choose from a variety of credit options offered by the startup. It also employs a multi-distribution method. The funding round, which is led by Goldman Sachs, has participants including existing investors such as Bpifrance,...
Sterling Construction Modifies Credit Agreement
Credit

Sterling Construction Modifies Credit Agreement with BMO Harris Bank

Sterling Construction Company, Inc. has modified its current credit agreement with BMO Harris Bank, its lending group. It has revealed that numerous terms of the agreement are revised. Two of the terms include lowering the existing credit agreement borrowing interest rate by 2% points and reducing the credit agreement's future...