American financial technology company Brex has raised $425m in Series D investment round, bringing its valuation to more than $7.4 bn.
Led by Tiger Global, the financing round was joined by new investors such as GIC, Baillie Gifford, TCV, Durable Capital Partners, Madrone Capital Partners, Valiant Capital Management, and Base10.
It was also joined by the company’s existing investors Y Combinator Continuity, DST Global, Ribbit Capital, Greenoaks Capital, Lone Pine Capital, and IVP.
Brex co-CEO Henrique Dubugras said the new capital will fuel the company’s growth as it continues to build out an all-in-one financial solution for all businesses.
Launched in 2017, Brex entered into payment space with the rollout of a corporate card for venture backed businesses.
The company currently offers an all-in-one platform that enables small and medium-sized businesses (SMBs) as well as larger organisations to manage their finances.
Tiger Global partner Scott Shleifer said: “Brex is building the future of finance for the next generation of businesses.
“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.”
Dubugras added: “Our investors – new and existing – believe in our team, our business model, our product vision, our customers, and the future of Brex. We are delighted to have them on board for the next phase of our journey.”
Earlier this month, B2B payments startup Routable raised $30m in Series B funding round to foray into the enterprise space by strengthening its team.