Financial technology company Brex has successfully raised about $300 million in a capital raise round. The news hasn’t been made public as of October 22. But according to the sources, a term sheet has already been signed. The latest round of funding has turned Brex into a ‘decacorn’ – meaning an organization valued more than $10 billion. It’s valuation is now at $12.3 billion.

The lead investor in FinTech Brex’s most recent funding round is said to be Greenoaks. The round also included participation from previous investors who want a larger stake in the organization after seeing its growth over the years.

All you need to know about Brex – a California-based FinTech firm 

Founded just 3 years ago in January 2017 by Henrique Dubugras and; Pedro Franceschi, Brex is a San Francisco-based financial services tech company. Brex is a financial technology company that is built around offering cash and credit card management accounts to tech organizations.

This FinTech also offers cutting-edge spend-management software along with other bank-related offerings. Its client list includes tech titans and companies like Carta and Airbnb. It is backed by investors like Kleiner Perkins, IVP, Y Combinator and Ribbit Capital.

The company co-founded by Franceschi and Dubugras (who are just in their mid-twenties, by the way!) has raised a total $1.5 billion with the latest capital injection. 

Brex’s focus is continuous evolution. On October 21 2021, the FinTech startup announced the launch of its new API – Brex API. This new open API will be made available to their existing customers at no additional charge. 

Brex API is designed to allow customers to manage their financial information seamlessly through a customizable interface. For Brex customers that don’t have in-house developers, Brex has also announced a partnership with Zapier. This partnership will enable workflow automation among products without having to code. The Brex API will allow developers to build workflows customized for the individual needs of their respective companies.

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Dubugras’s conversation with Bloomberg’s Katie Roof

Bloomberg’s Katie Roof got the opportunity to speak to Dubugras (Brex co-founder and co-CEO) about the post-pandemic world and workforce, valuations and the venture debt of the Silicon Valley Bank. 

Dubugras said that company valuations have skyrocketed, especially for FinTech startups. He acknowledges that “what it means to be a billion dollar company is not what it meant before”. 

He further adds that large exits have given investors a much bigger appetite for risk and that the valuations merely represent the size of the potential outcomes of the winners, just venture capital at scale.

Reaching the ‘decacorn’ status in this duration is undeniably extraordinary. What’s even amazing is that, reportedly, Brex is on track to double revenue this year. However, there aren’t any concrete figures on hand. 

At the time of its previous capital raise, Brex told TechCrunch that it is onboarding thousands of non-tech and new tech customers every month. The company added then that it grew its total customer numbers by a whopping 80% in the Q1 2021, with total monthly customers soaring by 5 times.

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