FinTech: Brex Wins ‘Decacorn’ Badge, Scores $300M Raise

October 22, 2021 | FinTech, News, Venture Capital
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Brex, which offers businesses financial tools to help them grow, valued at $12.3 billion in the latest round.

Anonymous sources have confirmed to TechCrunch that fintech Brex has signed off on a term sheet for a $300 million fundraise led by Greenoaks and joined by existing investors. The sources said the San Francisco-based firm was valued at $12.3 billion after investors were impressed with its business momentum given that the fintech is expected to double its turnover this year.

Kleiner Perkins Growth, YC Continuity Fund, Ribbit Capital, IVP, DST Global, as well as investors like Peter Thiel and Max Levchin previously invested in the fast-growing startup.

Twenty-somethings Pedro Franceschi and Henrique Dubugras founded Brex in 2017 to offer tools for controlling corporate spend.

The startup previously raised $425 million in April. That Series D round was led by Tiger Global Management and assigned the firm a valuation of $7.4 billion.

In February, Brex applied for a banking license to the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish Brex Bank, an industrial bank to be located in Draper, Utah. The application was later withdrawn, to be resubmitted after modification.

Related Story: Brex, The Fintech For Startups, Applies For Banking License

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