Brex, which offers corporate credit cards to multiple sizes of businesses, has announced it has raised $100 million in new funding.
That funding, according to Bloomberg, pushes the fast growing fin-tech startup’s valuation up to $2.6 billion, up from the $1.1 billion it was appraised less than a year ago. Brex plans to confirm its actual valuation on Wednesday.
The $100 million haul comes from Kleiner Perkins Digital Growth Fund, with assistance from Y Combinator Continuity Fund, Ribbit Capital and DST Global. Brex’s increasing usage among tech startups has helped it gain financial attention from tech oriented venture capital firms. It’s total combined funding is $225 million, raised since October 2018.
Brex considers its cards “the smartest corporate card in the room,” which provides users with instant approvals, modern payment terms, top notch fraud protection and no personal guarantees. Brex’s startup offerings are even more generous, with 20 times higher limits, automated expense management, and integration with the client’s accounting systems.
In addition to corporate and startup focused credit cards, Brex also offers cards for e-commerce companies and life science companies.