Commercial card startup Brex has announced the launch of a portal to connect cardholders to accountants.
In a press release Thursday (June 6), Brex revealed its accounting partner program that connects business card holders to accountants and integrates with accounting and expense management platforms, including Expensify, QuickBooks and Xero. The integrations enable cardholders to automatically connect transactions from their Brex cards into their accounting and expense management solutions.
“Since its launch, Brex has invested in helping streamline the accounting processes of its customers — saving them time and money — while also investing in accounting advice and infrastructure to support customers,” said Brex Chief Financial Officer Michael Tannenbaum in a statement. “Today’s product announcement combines those two investments.”
Accounting firms approved to join the accounting portal will receive Premium partner status with access to an account manager and support for their end customers. They can connect their customers to waived card fees as well, Brex noted.
The launch of the accounting portal follows just days after reports surfaced the company was planning to raise additional capital, which would increase its valuation to more than $2 billion.
Citing unnamed sources, Bloomberg reports last month noted Kleiner Perkins is expected to lead the round, though a deal could change.
The company has been growing rapidly, having raised $100 million in debt capital in April via a line of capital backed by its corporate card receivables, as well as a $125 million funding round last October that gave the firm unicorn status just three months after its launch.
“If the company grows as much as we expect it to grow, it’s a $100 billion business,” Co-Founder Henrique Dubugras told Wall Street Journal reporters last year.
At the time, Y Combinator Continuity Fund Partner Anu Hariharan also explained to the publication the need for startup financing that Brex aims to fill.
“If you have raised millions of dollars from credible investors, why is it that you can’t get a credit card instantly and why aren’t the credit limits more flexible,” Hariharan said.