Greenoaks is said to be leading the investment, which also reportedly includes return backers who want more of a stake in the company after seeing the ‘strength’ of the business. Brex is on track to double revenue this year, according to the sources.
Founded in 2017 by, San Francisco-based Brex was valued at USD 7.4 billion in April 2021 after raising a USD 425 million Series D led by Tiger Global Management. The company had raised USD 1.2 billion in debt and equity financing. With its latest infusion, that number climbs to USD 1.5 billion.
Brex continues to evolve its model. The startup announced its new Brex API. The new open API is available to all Brex customers for no extra charge, it said, and is designed to allow them to manage financial information in a customisable interface. For customers without in-house developers, Brex also announced a partnership with Zapier, which will allow the automation of workflows among products ‘without having to write a single line of code.’
The company, which sells a credit card tailored for startups, with Emigrant Bank currently acting as the issuer, had submitted an application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish Brex Bank.
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