Brex, an issuer of corporate card for start-ups, has raised $125m in a series C funding round. The round was led by Greenoaks Capital, DST Global and IVP.
The company intends to use the funds to further advance its corporate card. In addition, it will support the launch of a rewards programme over the coming months.
Brex is currently running a beta for its rewards programme, allowing corporate cardholders to also earn points on their transactions.
Brex co-founder and CEO Henrique Dubugras said: “We started Brex to provide a superior corporate card to startup founders failed by legacy products.
“With this fresh funding, we are able to enhance our growth efforts and continue to benefit founders and operators, particularly those who are unable or hesitant to personally guarantee their company’s corporate card.”
Brex rolled out its corporate card in June this year. The card caters to early-stage startups based on their funding instead of credit history or personal guarantee.
The company offers instant online signup, which provides access to a virtual card. Furthermore, the the physical card is delivered in three to five business days.
The card, accepted on Visa network, is said to feature expense management and fraud protection.
At the time of introduction, Brex also raised $57m from multiple investors including 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.