Business

Founded by Brazilians, startup Brex raises a $425 million round

Brex offers an all-in-one platform to small and medium-sized businesses (SMBs) and larger organizations to manage their finances

LABS

26.Apr.2021 17:45 BRT
UPDATED 17:57 BRT

In Q1 2021, Brex grew total customers by 80%. SMBs now account for 45% of customers on its platform;
Brex achieved a valuation of more than $7.4 billion;
The new investment round will be used to innovating the product offerings and expanding the customer base.

Brex, all-in-one finance for growing businesses, announced on Monday that it has raised a $425 million Series D investment round led by Tiger Global. As a result, Brex achieved a valuation of more than $7.4 billion. The new investment round will be used to innovating the product offerings and expanding the customer base.

Founded by Brazilians Henrique Dubugras and Pedro Franceschi in 2017 in Silicon Valley, Brex defines itself as a “company reimagining financial systems so growing businesses can realize their full potential.”

Brex offers an all-in-one platform to small and medium-sized businesses (SMBs) and larger organizations to manage their finances with a combination of payments and cash management services, expense management and bill pay software.

According to the startup, in Q1 2021, Brex grew total customers by 80%. SMBs now account for 45% of customers on the Brex platform.

The new round includes participation from new investors TCV, GIC, Baillie Gifford, Madrone Capital Partners, Durable Capital Partners LP, Valiant Capital Management and Base10, with participation from all existing major investors including Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital, Lone Pine Capital and IVP.

“This new investment round will fuel our growth as we continue to build out an all-in-one financial solution for all businesses,” says Dubugras, Brex co-CEO.