San Francisco FinTech Brex announced a $200 million debt capital raise from Credit Suisse that will be used to expand its eCommerce business and credit offerings to new companies, Brex announced in a press release on Thursday (Dec. 12).
Brex deals in business-to-business (B2B) payments with corporate cards tailored to specific industries. The company rolled out its first corporate card and rewards program last year that was specifically designed for startups.
This new financing will help Brex grow its eCommerce business, which launched in February. Customers include The Black Tux, Perfect Keto, Outdoor Voices and UNTUCKit. The funding will also enable Brex to expand its financial services to online brands looking for interest-free financing, 60-day payment terms, rewards and expense management software.
This is Brex’s second warehouse line of credit. Its first was a $100 million debt facility in April with Barclays Investment Bank.
The company was founded in 2017 by engineers Henrique Dubugras and Pedro Franceschi, who previously founded Pagar.me, one of the largest payment processors in Brazil with over $1.5 billion in gross merchandise volume (GMV).
Brex help startups of all sizes — from recently incorporated to later-stage companies — and offers them a card that has 20x higher limits. The product automates expense management and integrates with accounting systems.