Brex raises $425M in a Series D round that values it at over $7.4 billion

The Series D funding round was led by investment giant Tiger Global

Brex has raised a huge $425 million Series D investment round led by investment giant Tiger Global. The latest capital infusion values Brex at more than $7.4 billion.

Brex, a fintech company that offers business credit cards and cash management accounts to companies, brought on some new investors with this round including TCV, GIC, Baillie Gifford, Madrone Capital Partners, Durable Capital Partners LP, Valiant Capital Management and Base10. Additionally, the company saw participation from existing major investors including Y Combinator Continuity, Ribbit Capital and others.

The company said in a press release that it has grown its total customers by 80% in the first quarter of this year, and has had “ total monthly customer additions increasing by 5x.” Small-to-medium-sized businesses make up 45% of its customers now. The company has more than 600 employees and raised nearly $1.2 billion to date, according to Crunchbase.

“This new investment round will fuel our growth as we continue to build out an all-in-one financial solution for all businesses,” Henrique Dubugras, Brex Co-CEO.

Brex was launched in 2017 and provides both technology and non-technology companies a platform to manage their finances, providing both payment and cash management services as well as expense management and bill pay software.

“Brex is building the future of finance for the next generation of businesses,” Scott Shleifer, Partner, Tiger Global, said in a statement. “We are excited to partner with them as they continue growing rapidly, innovating their product offerings, expanding their customer base and leading an industry that is dominated by incumbents.”

Business Insider previously reported that Brex had acquired several companies including Neji, Compose Labs and Landria. Neji aims to simplify adopting distributed ledger technology while Compose Labs is a web publishing startup and Landria is a database company. The financial terms of the transactions weren’t revealed. Brex has also acquired blockchain startup Elph Network, Crunchbase shows.

On December 18, Finicity announced the company has signed a data access agreement with Brex. Through the agreement with Finicity, Brex customers will now be able to link their accounts to apps on Finicity’s secure data network – reducing friction and providing secure access. For example, a Brex customer may connect his/her business accounting app to automatically receive their Brex account transactions, or even permission a lender the ability to review business cash flow to establish and maintain a line of credit.

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