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Brex, widely known for its billboards strewn across the street in San Francisco, has secured a $ 100 million debt financing from Barclays Investment Bank .
The company, which offers a business card specifically designed for startups, has already raised $ 215 million of equity, valued at $ 1.1 billion, in less than two years since its release from the accelerator Y Combinator startups.
Henrique Dubugras, CEO of Brex, tells TechCrunch: will fuel the next phase of the company's growth, which includes the launch of a credit card for large companies.
"Because we mobilized so many equities so quickly, we devoted a lot to credit; This will allow us to go well beyond our equity, "said Dubugras, adding that the company did not plan to raise additional funds at this time: "Especially after this increase in debt, because we can recover a large part of the immobilized capital."
This year, the company is putting all of its venture capital at work, taking the necessary steps to reach maturity. Recently, Brex finalized its first significant acquisition by releasing YC from the Elph blockchain chain in a deal that was completed just one week before the Demo Day. Elph's team brings Brex its infrastructure security expertise, helping the company create its next product, a credit card for Fortune 500 companies.
Brex is supported by Y Combinator Continuity, Ribbit Capital, Greenoaks Capital, Global DST, IVP, Peter Thiel and Max Levchin.
Brex, which recently launched a rewards program tailored to the needs of start-ups, does not require that they provide a personal guarantee or security deposit. The company simplifies business expenses by providing companies with a consolidated view of their expenses and by offering entrepreneurs up to 10 times the credit limit they could get elsewhere.
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