Brex, a San Francisco-based FinTech has announced a $200 million debt capital raise to fuel the expansion of its eCommerce product. The capital comes in the form of a warehouse line of credit from Credit Suisse, backed by Brex’s corporate charge card receivables.
It is the company’s second warehouse line of credit, with the first being a $100 million debt facility by Barclays Investment Bank in April 2019, according to a statement.
Brex recently announced the hiring of Head of Credit, Mira Srinivasan from American Express’s commercial card underwriting team, VP Cash, Erica Dorfman from FinTech company Tally’s finance and capital markets department, and VP Payments, Marco Mahrus, from Uber Technologies’s payments team.
The company complemented the hires with an investment into its payments and capital markets technology, highlighted by its recent partnership with Mastercard.
“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,” Henrique Dubugras, co-founder and co-CEO of Brex stated.
The financing will help bolster Brex’s eCommerce business, and also to expand its financial and service offering for online brands, including its interest-free financing, 60-day payment terms, rewards schemes, and expense management software.
The FinTech has raised $315 million in equity financing to date from investors including Y Combinator Continuity, Ribbit Capital, Greenoaks Capital, DST Global, IVP, Peter Thiel, and Max Levchin, and another $300 million in debt capital from Barclays Investment Bank and Credit Suisse.
Brex offers B2B payments via its corporate cards, rewards, and travel programs that are tailored to specific industries.