B2B payments company Brex has secured $200m debt capital to support the expansion of its product.
The funds were supplied by a warehouse line of credit from Credit Suisse and comes just months after a $100m of similar credit from Barclays Investment Bank.
With the fresh funds, the company is looking to enhance its e-commerce business by expanding its services offered to online brands.
Clients of Brex can access corporate cards, rewards and travel programmes tailored to different industries. The corporate card and rewards system were initially launched in 2018 and aimed at startups.
Some of the perks of Brex include 60 days on interest-free credit, dynamic limits which range from 50-100% of projected monthly sales, up to $5m and a virtual card for the whole team.
Brex co-founder and co-CEO Henrique Dubugras said, “Brex is strengthening its funding and credit infrastructure to support our rapid growth and market expansion. The recent debt funding from Credit Suisse is a major milestone for Brex and for our ecommerce business in particular.”
The FinTech not only raises debt capital but has also secured $315m in equity since it was founded. Its most recent funding round was a $100m investment from backers including Kleiner Perkins, Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital and IVP.
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