Brex Launches the First Corporate Card for Startups
Company Also Announces $57 Million in Funding from Y Combinator Continuity, Paypal Founders Thiel and Levchin, Yuri Milner, Ribbit Capital, former Visa CEO
SAN FRANCISCO, CA June 19, 2018 - Fintech startup Brex today unveiled a first-of-its-kind corporate card specifically designed to help startups qualify based on funding rather than credit history. The company also announced it has closed a Series B round of financing with participation from luminaries in the fintech and technology industries bringing total funding to $57 million. Investors include Y Combinator Continuity, PayPal founders Peter Thiel and Max Levchin, Facebook investor Yuri Milner, financial services VC Ribbit Capital and former Visa CEO Carl Pascarella.
Brex spent the last year working with customers to perfect a product experience using technology to navigate the financial and regulatory hurdles that typically prevent early stage companies from credit card services. With Brex, growing companies can get instant approval on cards that offer high limits and don’t require any kind of personal guarantee. Brex has over 1,000 customers and is now open to startups nationally with a two- minute application at Brex.com.
“Startups that have raised millions and are poised for hyper-growth can’t get slowed down hassling with banks requiring personal guarantees and offering meager credit limits,” said Henrique Dubugras, co-founder and CEO of Brex. “Traditional credit models look at how much a company can pay back in a year based on profits, often disqualifying startups. We rebuilt the financial services tech stack from the ground up and created a new kind of card to specifically meets the needs of startups.”
Highlights of the new card from Brex include:
- Seamless Online Signup: Easy application without personal guarantee requirements and higher limits to reflect the needs of growing companies.
- Integrated Expense Management Software: Saving receipts has never been easier – just text or email Brex a picture of a receipt and it is automatically matched to the transaction in the customer’s online dashboard.
“Brex is redefining the corporate card experience for startups of all stages. This has been a longstanding pain point for many of our founders. We are thrilled to have led the Series B round in Brex,” said Anu Hariharan, Partner, Y Combinator Continuity.
“As a startup founder, you have so many things going on, and the last thing you want to worry about is finding a quick and easy payments solution for company expenses, let alone personally guaranteeing a card or trying to find an expense management system that works. Brex solves that,” added Dalton Caldwell, Partner, Y Combinator.
With this funding, Brex also adds board members Anu Hariharan, Partner, Y Combinator Continuity, and Meyer Malka, Managing Partner, Ribbit Capital. Get the new Brex card today at Brex.com.
For startups, Brex delivers corporate cards quickly, easily, and with far higher limits than anyone else. Unlike traditional corporate cards, only Brex offers startups cards instantly and with no personal guarantee. Founded in 2017 by the founders of Brazilian payments processor Pagar.me, Brex is backed by Y Combinator Continuity, Ribbit Capital, Peter Thiel, Max Levchin, Yuri Milner and Carl Pascarella. Brex participated in the Y Combinator Winter’17 batch. The company’s headquarters are in San Francisco. For more information, visit www.brex.com.
SutherlandGold for Brex
The Brex Mastercard® Corporate Credit Card is issued by Emigrant Bank, Member FDIC. Terms and conditions apply. See the Brex Platform Agreement for details.
Brex Inc. provides a corporate card. Brex Treasury LLC is an affiliated SEC-registered broker-dealer and member of FINRA and SIPC that provides Brex Cash, a program that allows customers to sweep uninvested cash balances into certain money market mutual funds. Investing in securities products involves risk, including possible loss of principal. Neither Brex Inc. nor any of its affiliates is a bank. Please see brex.com/cash for important legal disclosures.