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Brex to raise fresh funds at more than $2bn valuation

Brex, a company that delivers corporate cards to startups, is reportedly close to raising new fund at a valuation more than $2bn.

The latest funding round is expected to be led by American venture capital firm Kleiner Perkins, Bloomberg reported citing sources familiar with the development.

Existing investors such as Greenoaks Capital, DST Global and IVP could also join the Brex funding round, the report says.

Negotiations are currently being held and the deal may or may not materialise, the publication quoted sources as saying.

Last year, the San Francisco-based startup raised $125m in Series C round at a $1.1bn valuation.

In April this year, Brex and its financial backer Barclay Investment Bank announced a $100m debt capital raise to power the platform’s next phase of growth.

Recently, the startup made strategic enhancements to its capital and financial markets infrastructure including software upgrades and financial appointments from SoFi, Kraft Heinz and PwC.

Unlike other card companies, rather than focusing on credit history, Brex issues cards using bank account information and the startup’s funding data.

In February this year, Brex, introduced a new credit card designed specifically to for e-commerce businesses to buy inventory, ads, software and other associated services.

The Brex e-commerce card is designed to enable online retailers to overcome the issues of legacy banking systems.

It also has additional functionalities and is simpler to manage compared to other credit cards with similar offerings.

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