This expands the company’s ability to provide global corporate cards and solutions for expense management, travel, banking, and bill pay. Citi serves as a senior lender for the credit facility, and it was joined by TPG Angelo Gordon as a participating lender.
A report by GRENKE UK notes how over half of SMEs are relying on credit cards for financing, despite the drawbacks and inefficiencies associated with this method.
Most small businesses have credit as another source of liquidity besides cash, often with credit cards playing a role. In 2019, there was USD 368 billion in small business commercial and industrial loans outstanding, and over 46% of this amount was for loans less than USD 100,000.
This credit facility, combined with Brex's existing warehouse facilities and securitisation trust, through which the company has closed three securitization issuances to date, will help provide global corporate cards coupled with expense management, travel, banking, and bill pay solutions to customers ranging from startups to global enterprises.
TPG aims to provide capital support to Brex in pursuit of modern spend management solutions for businesses of all sizes.
The news of Brex’s credit facility followed partnerships and new product introductions announced by the company.
The company executed three major releases in 2024. In winter, it introduced an AI-powered bill pay and expense flagging solution, to automatically detect out-of-policy spend on receipts.
Following this, the company launched an AI-powered accounting with a continuous close card control centre to manage cards at scale, and a UI solution with more than 100 improvements, according to Brex.
Their fall release featured an impact dashboard that helps users control spend, save time, and earn more money, with benchmarks against peers, as well as AI-based search and global bill pay.
Brex also teamed up with Navan in October 2024 to launch a new joint offering for enterprises that implements travel payments into one workflow using the Navan travel management system.
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