- Brex partners with Citi and TPG Angelo Gordon for new facility.
- The fintech continues to innovate with its corporate card and expense management solutions.
What happened: Brex secures $235M revolving credit facility for growth
Brex, the US-based expense management platform, has secured a $235 million revolving credit facility with Citi and TPG Angelo Gordon. Citi will serve as the senior lender in this deal, with investment firm TPG Angelo Gordon also participating.
The fintech, founded in 2017, claims its solutions are now used by over 30,000 companies worldwide, including well-known names like DoorDash and Compass. With the new facility in place, Brex plans to enhance its suite of services, including corporate cards, expense management, banking, bill pay, and travel solutions.
In addition to this credit facility, Brex has been actively rolling out product updates. Key improvements to its corporate card offering include an AI-powered accounting tool, real-time financial closing features, a new card management hub, and over 100 enhancements to the user interface, all of which were launched earlier this year.
Brex also completed a $260 million securitisation transaction in March.
Also read: AI-powered platform Fazeshift secures $4M for AR automation
Also read: Top 5 AI-powered learning platforms for career growth in 2024
Why it’s important
The $235 million credit facility marks another strategic step in Brex’s bid to scale its financial services offerings. As it continues to grow, the fintech aims to expand its corporate card solutions and enhance its comprehensive suite of services, which includes banking, travel, and bill pay.
This new funding comes at a crucial time, as Brex seeks to stay ahead in the competitive fintech market and strengthen its position as a key player in expense management. Brex’s expanding capabilities and new credit facility are also reflective of broader trends in the fintech space, where companies are increasingly securing financial backing to drive growth and improve their service offerings.
With over 30,000 businesses using its products, Brex’s ability to further develop its financial solutions will likely improve its competitiveness, particularly as businesses look for digital-first solutions that offer both flexibility and efficiency.
