“We’re glad to have additional capital at a time when customers need us to be focused 100% on providing services and solutions to help them navigate these challenging economic times,” said Henrique Dubugras, co-founder and co-chief executive officer of Brex.
This new funding solidifies Brex’s financial position and bolsters its standing across banks and financial partners.
Brex is tapping the new funds for engineering and design to advance its tools for expense management and procurement.
“We are excited to have a front-row seat as Brex continues to revolutionize financial services,” said David Craver, portfolio manager and managing director for Lone Pine Capital. “With one of the strongest executive teams in FinTech, we look forward to seeing Brex continue to provide support and innovative solutions to its customers through this dynamic and unprecedented business environment.”
Since the coronavirus pandemic has started changing the business climate, Brex has been continuously adapting its business. It instituted a rewards program and integrated contactless payments with Apple Pay and Google Pay. Brex also assisted its customers in getting loans from the Paycheck Protection Program (PPP).
Additionally, Brex expanded the availability of Brex Cash, its online bank account replacement solution. The tool enables entrepreneurs to sign up for savings and payments products in minutes from their homes or businesses.
“As a customer of Brex, I’ve been amazed at the pace of product development and improvements they have released, which has only redoubled following the onset of COVID-19,” said Baris Akis, co-founder and president of Human Capital.
In March, Silicon Valley-headquartered Brex opened its first international office — a technology hub in Vancouver, Canada. The new location has a 40-person workforce and will focus on software engineering and user experience processes.