Brex, which offers a credit card for startups, has just raised $100 million, upping its total funding to $315 million.
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After less than a year since launching its business card, the company is now valued at $2.6 billion, according to some reports.
This latest round was led by Kleiner Perkins Digital Growth Fund. Existing investors also joined in, including Y Combinator Continuity, GreenOaks Capital, Ribbit Capital, DST Global, and IVP. It will use the capital to expand its corporate spending features and rewards, and also expand to a broader audience, Brex said in its press release.
The company targets startups that struggle to score credit from traditional banks. You can do the math and think it over, but bottom line: that’s a lot of startups. As TechCrunch’s Kate Clark pointed out, the fact that it graduated from Y-combinator in 2017 doesn’t hurt either – that’s access to a group of young, hungry and too-risky-for-traditional bank startups.
The San Francisco company previously acquired another outfit to help in its mission. In March Brex snapped up Elph, a digital payments startup that specializes in cryptocurrency.
As our Editor in Chief Alex Wilhelm pointed out a few weeks ago when we first heard whispers of Brex’s new raise, one thing is clear: Brex’s massive capital raise, in a short period of time with big names, is a signal that its growth figures must be impressive. For this Y-combinator graduate, the demand is upping.
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