In the recent Series C funding round, fintech startup Brex successfully raised $100 million. The funding was spearheaded by Kleiner Perkins Digital Growth Fund.
Apart from the Kleiner Perkins Digital Growth Fund, Finextra reports that other existing investors supported the company. The news site notes that DST Global, Greenoaks Capital, IVP, Ribbit Capital, and Y Combinator Continuity all joined the recent round of funding. The total amount raised by Brex comes up to $315 million.
Exciting Plans Ahead
According to a report published by Bloomberg, Brex plans to offer a credit card designed for startup companies. Besides this, the company is slated to launch specific offerings such as expense management and a tailored rewards system.
Founded in 2016 by Henrique Duburugas and Pedro Franceschi, the Silicon Valley-based startup plans to further its reach by developing new programs and working with new customers in different industries.
Mood Rowghani, the representative of Kleiner Perkins, believe that these services are just the start for Brex. In the future, Rowghani said that “Platforms start doing one thing, and then you see a product roadmap starting to evolve, showing what it’s capable of,” notes Bloomberg.
Besides working with startup companies, Brex has also reportedly expanded its services to bigger tech companies and e-commerce platforms state Venture Beat. Using the accumulated funds, the company plans to “deliver relevant and unique financial products to an increasingly broader base.”
The company’s sudden growth in the field became apparent just a mere eight months ago. From a valuation of $1.1 billion, Tech Crunch reports that Brex has reached a $2.6 billion valuation in just a few months.
Despite the huge amount of funding received by the business, it is planning to set money “aside for risk management purposes.” Apart from risk management, the corporation will also use the money for recruitment purposes, notes Tech Crunch.