Brex achieves $12.3 billion valuation
By MYBRANDBOOK
As per news source, Brex, the corporate credit card fintech is at $12.3 billion valuation after bagging $300 million in funding.
The news source also revealed that there is no announcement but a term sheet has been signed on the round. The latest money comes after a $425 million Series D in April at a $7.4 billion valuation.
Brex was formed in the year 2017 with a corporate card for venture backed businesses and later expanded to offer SMEs and larger organisations cash management services.
The firm has since introduced an all-in-one platform that adds spend management and bill pay software together in a single dashboard for a $49 a month fee.
More changes could be on the way: earlier this year, the firm submitted an application to establish Brex Bank, which would let it offer FDIC insured deposit products to SMBs without the need to rely on an intermediary bank.
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