Brex raises $150 mn in funding led by Lone Pine Capital and DST
Summary
The FinTech is planning to use the funding to strengthen its balance sheet and bolsters Brex’s position as the leading financial services provider to technology, e-commerce, life sciences and other businesses. The company will further invest across engineering and product and design functions to improve expense management, procurement and software tooling for its customers. Brex helps startups of all sizes to get a card that has 20x higher limits instantly, completely automates expense management, kills receipt tracking and integrates with their accounting systems. Founded in 2017, by Henrique Dubugras and Pedro Franceschi, Brex is rebuilding B2B financial products, starting with a corporate card for technology companies. Brex is backed by the co-founders of PayPal (Max Levchin and Peter Thiel), Y Combinator, Ribbit Capital, Yuri Milner, and Carl Pascarella (former CEO of Visa).