Brex raises $150 mn led by DST Global

Brex, a financial technology company, announced that it raised additional $150 million from an investment group including Lone Pine Capital as well as a group of existing investors led by DST Global.
Brex co-founders“We’re glad to have additional capital at a time when customers need us to be focused 100 percent on providing services and solutions to help them navigate these challenging economic times,” said Henrique Dubugras, co-founder and co-CEO of Brex.

Brex is using the proceeds to invest across engineering and product and design functions in order to improve expense management, procurement and software tooling for its customers. The company will use a combination of organic efforts as well as small acquisitions to supplement its hiring and product development efforts.

Brex has raised over $400 million in funding and is backed by partners including Y Combinator Continuity, Kleiner Perkins, and the founders of PayPal.

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