San Francisco-based payments giant Brex announced Monday that it raised $425 million in a Series D led by Tiger Global. All told, the fintech company has raised more than $1 billion in venture capital to date.
The latest raise is nearly three times the size of the unicorn’s Series C, and brings its valuation to a whopping $7.4 billion. The announcement comes on the heels of a busy Q1 for the company. Brex grew its total customers by 80 percent in Q1 of 2021 alone, according to the company.
Brex got its start in 2017 as a corporate credit card and cash management company specifically tailored to startups. Since then, the fintech company has expanded to offer small and medium-sized businesses in any industry an all-in-one platform to manage their finances. The new offering, Brex Platinum, brings together expense management, bill pay and reimbursement services.
“By giving more financial controls across every payment rail together with unified reporting and alerts, our goal is to reduce unnecessary spend, reduce time away from the core business, and bring peace of mind to founders, business owners and finance teams,” Pedro Franceschi, founder and co-CEO of Brex, said in a statement.
SMBs now account for 45 percent of customers on the Brex platform, according to the company.
“As a company with the mission of helping every growing company realize their full potential, nothing is more rewarding than watching those we serve to push the envelope, do things differently, and grow relentlessly into the best version of themselves,” Franceschi continued.
Brex will use the additional capital to expand the size of its team as it continues to scale. The company is now hiring for dozens of remote and in-person positions. A majority of roles are available on the company’s engineering team, but other departments hiring include finance, marketing and product.
New investors TCV, GIC, Baillie Gifford and Madrone Capital Partners participated in the round, among others. Several existing investors also participated, including Y Combinator Continuity, Ribbit Capital, DST Global and Greenoaks Capital.