Brex Secures $235 Million Credit Facility for Global Corporate Cards

Brex secured a $235 million credit facility to expand its ability to provide global corporate cards and solutions for expense management, travel, banking and bill pay.

The credit facility was provided by senior lender Citi and participating lender TPG Angelo Gordon, Brex said in a Monday (Jan. 13) press release.

It joins the company’s existing warehouse facilities and master securitization trust, according to the release.

“This transaction highlights the continued momentum of Brex’s card offering and our entire product suite,” Brex Chief Financial Officer Ben Gammell said in the release. “Our capital position remains exceptionally strong, and this credit facility, which follows our largest and most robust securitization to date, allows us to further scale our card solution and empower our customers in making every dollar count.”

Corporate credit cards stand out as the preferred choice for 52% of small- to medium-sized businesses (SMBs) searching for alternative financing, according to the PYMNTS Intelligence report “What’s Next in Credit: Why SMBs Prefer Corporate Credit Cards for Short-Term Financing.”

The report found that nearly 92% of the surveyed firms said they opted for corporate cards as a working capital solution because of the ability to cover predictable expenses, and almost 80% mentioned using business cards to address unexpected expenses.

The news of Brex’s credit facility followed partnerships and new product introductions announced by the company.

The company said in October that it revamped its partnership program designed for accounting, bookkeeping and outsourced and fractional CFO firms. As part of the revamp, the Brex Accounting Partnership Program added new product experiences, services and dedicated programs for accounting professionals.

Brex also teamed up with Navan in October to launch a new joint offering for enterprises that streamlines travel payments into one workflow when using the Navan travel management system. With the combination of Navan’s travel services and Brex’s global corporate cards, BrexPay for Navan provides an integrated business travel and payments solution.

In September, Brex launched an embedded payments solution designed to make it easy for B2B software vendors to accelerate customer workflows with Brex virtual cards. Brex Embedded complements the company’s corporate card and spend management platform for startups and enterprises.

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