Brex Scores $200M Credit Line

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.

“Brex is strengthening its funding and credit infrastructure to support our rapid growth and market expansion,” said Dubugras. “The recent debt funding from Credit Suisse is a major milestone for Brex and for our eCommerce business in particular.” 

To date, the company has raised $315 million in equity financing from Y Combinator Continuity, Ribbit Capital, Greenoaks Capital, DST Global, IVP, Peter Thiel and Max Levchin, and $300 million in debt capital from Barclays Investment Bank and Credit Suisse. 

“Brex is perfect for online brands because it offers financial flexibility and high-quality software,” said Aaron Hoey, CEO at Amour Vert, a Brex eCommerce customer. 

In October, Brex expanded a partnership with Mastercard and has named it as its preferred network. Brex Mastercard users will have access to new benefits tailored to their industries, as well as card perks already offered under the Mastercard World Elite program.