Historical news, June 2019: Brex announced a $100 million equity investment led by Kleiner Perkins Digital Growth Fund. The corporate-card company said it would use the money to expand its spending tools, rewards and customer base.
What the funding covered
In its June 2019 announcement, Brex named Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital and IVP among the participating investors. The round brought its disclosed equity funding to $315 million.
This was separate from the $100 million warehouse credit facility Brex said it had raised with Barclays in April 2019. Equity investment in the company and a credit facility are different sources of capital; the two announcements should not be treated as the same transaction.
The valuation at the time
Contemporaneous reporting put the post-money valuation at $2.6 billion. That is a historical financing figure, not a current valuation.
Why it mattered
Brex was broadening its corporate payments business beyond its startup origins. The company described plans to tailor payment terms, underwriting, rewards and features to different business segments.
The funding announcement did not promise financing to every startup. This archive summary is not a statement of present-day card eligibility, rates or product availability.
Image note: Archival illustration of business funding; not a photograph of the Brex transaction.
