Business credit card and cash management accounts offering fintech based in San Francisco, Brex declared that it has raised $300 million funding in series D2 round. This funding capital bungs Brex to the decacorn status.
Greenoaks and TVC, the Technology Venture Capitals are regarded as the leaders of this funding investment who co-led this round.
Brex has secured total $1.2 billion funds to date and the valuation has increased significantly from $7.4 billion to $12.3 billion in just six months.
The financial stack, Brex was designed to authorize and enable the growing businesses to integrate software, product and services all into one experience to expand the power of every dollar and they become free to focus on growth without the tension of wasted spend. From small private companies to big public brands, Brex works to serve thousands of businesses.
Henrique Dubugras and Pedro Franceschi led the foundation of Brex in 2017 and made a company that was mainly focused on providing credit cards for mainly startups and SMBs but it has systematically advanced its model by serving the companies as a one stop shop for finance.
Brex has said to combine the credit cards, new spend management and businesses cash amount along with the bill pay software, in a single dashboard, altogether which is a part of a service provided by Brex and known as Brex Premium and cost $49/month. Now, the company is focused on the product of corporate cards which was built by them since its inception or we can say that it serves its customers with a financial operating system.
Henrique Dubugras said in an interview that they did not disclose the complete list of new investors because there are many of them with deep pockets to whom they had promised to give extra allocations to in the coming years.
Brex decided to deploy the proceeds from the latest round in expanding the portfolio of the product of the company.
The founder and managing partner of Greenoaks Capital, Mr. Neil Mehta said that a fully financial operating system has been built by Brex which is on the way of getting more comprehensive, that will highly delight the existing customers and captivate the new ones.
He added that he is thrilled to carry on their working with the Brex Team and they are looking forward to the coming years for being partners.
The Brex company has also made an accomplishment that will surely make their dream of expansion of their product portfolio a little bit easier, which is the addition of Karandeep Anand, who was appointed as a Chief Product Officer of Brex.
Karandeep Anand led the business products group of Meta, which serves more than 200 million businesses on an international level. Before this, he had worked with Microsoft, for almost 15 years and there he worked for leading the product management strategy for the Azure cloud of Microsoft.
Henrique Dubugras said that they are incredibly lucky to have Karandeep Anand in their team who will work with them to lead their product portfolio expansion. He added that Anand understands their customer and also knows the criteria to build and scale the products of business with the ease to consumer grade to meet the requirement of the swift developing companies.
Karandeep Anand on the other hand said that through the innovation in the financial products, Brex develops an economic opportunity globally for millions of businesses and individuals. This makes the Brex, a market disruptor and the opportunity giver for many.
A fully financial operating system provided by Brex has been on the verge of its highest development phase as it has raised a $300 million fund in series D-2 round that was led by Greenoaks and TVC, the Technology Venture Capitals. This makes the total fund raised to date by the company to $1.2 billion and has raised the valuation to $12.3 billion which was just $7.4 billion six months ago. The company aims to expand their product’s portfolio for which another move was made by Brex by adding Karandeep Anand as their Chief Product Officer.
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Greenoaks and Technology Venture Capitals are the investors of this series D2 funding round.
in just six months the valuation has escalated from $7.4 billion to $12.3 billion.
Henrique Dubugras and Pedro Franceschi.
How much fund has been raised by Brex in this round?
Ans. $300 million.
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