Fintech startup Brex today unveiled a first-of-its-kind corporate card
specifically designed to help startups qualify based on funding rather
than credit history. The company also announced it has closed a Series B
round of financing with participation from luminaries in the fintech and
technology industries bringing total funding to $57 million. Investors
include Y Combinator Continuity, PayPal founders Peter Thiel and Max
Levchin, Facebook investor Yuri Milner, financial services VC Ribbit
Capital and former Visa CEO Carl Pascarella.
Brex spent the last year working with customers to perfect a product
experience using technology to navigate the financial and regulatory
hurdles that typically prevent early stage companies from credit card
services. With Brex, growing companies can get instant approval on cards
that offer high limits and don’t require any kind of personal guarantee.
Brex has over 1,000 customers and is now open to startups nationally
with a two-minute application at Brex.com.
“Startups that have raised millions and are poised for hyper-growth
can’t get slowed down hassling with banks requiring personal guarantees
and offering meager credit limits,” said Henrique Dubugras, co-founder
and CEO of Brex. “Traditional credit models look at how much a company
can pay back in a year based on profits, often disqualifying startups.
We rebuilt the financial services tech stack from the ground up and
created a new kind of card to specifically meet the needs of startups.”
Highlights of the new card from Brex include:
“Brex is redefining the corporate card experience for startups of all
stages. This has been a longstanding pain point for many of our
founders. We are thrilled to have led the Series B round in Brex,” said
Anu Hariharan, Partner, Y Combinator Continuity.
“As a startup founder, you have so many things going on, and the last
thing you want to worry about is finding a quick and easy payments
solution for company expenses, let alone personally guaranteeing a card
or trying to find an expense management system that works. Brex solves
that,” added Dalton Caldwell, Partner, Y Combinator.
With this funding, Brex also adds board members Anu Hariharan, Partner,
Y Combinator Continuity, and Meyer Malka, Managing Partner, Ribbit
Get the new Brex card today at Brex.com.
For startups, Brex delivers corporate cards quickly, easily, and with
far higher limits than anyone else. Unlike traditional corporate cards,
only Brex offers startups cards instantly and with no personal
guarantee. Founded in 2017 by the founders of Brazilian payments
processor Pagar.me, Brex is backed by Y Combinator Continuity, Ribbit
Capital, Peter Thiel, Max Levchin, Yuri Milner and Carl Pascarella. Brex
participated in the Y Combinator Winter ’17 batch. The company’s
headquarters are in San Francisco. For more information, visit www.brex.com.
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