The funding round was led by Kleiner Perkins Digital Growth Fund. The extension also has participation from existing investors, including Y Combinator Continuity, GreenOaks Capital, IVP, Ribbit Capital, and DST Global.
This takes Brex’s total equity funding to USD 315 million, with a valuation of USD 2.6 billion The company launched its product last June with USD 57 million in funding from investors such as PayPal’s founders and Y Combinator. It went on to raise a USD 125 million Series C round in October, at a valuation of USD 1.1 billion, and made its first acquisition.
Brex also raised an additional USD 100 million debt round a couple of months back with Barclays. The startup acts as an underwriter and sets credit limits based on factors such as who the start-up’s investors are, its cash balance and spending patterns – not on credit history. Startups don’t pay any fees for the first five cards, after which they pay USD 5 per month for each card. Brex also makes money from transaction fees.
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