SAN FRANCISCO -Brex, a company providing financial services for startups, raised an additional $ 300 million in a Series D-2 round led by Greenoaks Capital and Technology Crossover Ventures (TCV).
Brex also hired Karandeep Anand as the company’s Chief Product Officer.
Anand brings extensive product leadership experience to Brex, and most recently led Meta’s business products team, which has served more than 200 million businesses worldwide. Prior to that, Anand spent 15 years at Microsoft, where he led the product management strategy for Microsoft’s Azure cloud and developer platform efforts. Anand will lead efforts to expand the Brex product portfolio.
The latest round of funding will allow Brex to deepen its investment in expanding the company’s product portfolio, delivering a wider range of financial needs for fast-growing companies. Since the company was founded in 2017, Brex has raised a total of $ 1.2 billion from investors and is currently worth $ 12.3 billion.
“Brex has always been fast -moving. But as the company has grown, they have managed to get faster, accelerating their growth since our last investment,” said Neil Mehta, Founder and Managing Partner of Greenoaks. “Brex is forming an entire financial operating system that continues to become more comprehensive, all of which will delight existing customers and attract new ones. We are excited to continue working with the Brex team, and we look forward to being partners in the coming years.
“Brex is fundamentally transforming financial operations with a growing range of innovative financial products and a magical user experience,” said David Zhang, Partner at TCV. “We are honored and excited to continue to accompany founders Henrique Dubugras and Pedro Franceschi on their journey to become one of the most important fintech franchises in the world.”
“We are grateful for the continued commitment and belief our investors have in Brex, and for the opportunity to continue to invest in how we serve our customers,” said Henrique Dubugras, Co-CEO of Brex. “As we expand our product portfolio, we are very fortunate to have Karandeep join the team to lead this important initiative. Karandeep understands our customers and knows how to develop and scale business products with ease at the consumer level to meet the needs of fast-growing companies. ”
“Brex is a market disruptor and the opportunity to create economic opportunity for millions of people and businesses around the world through innovation in financial products is incredibly exciting,” said Karandeep Anand, Chief Product Officer of Brex. “The opportunity for Brex is vast, and I am grateful for the opportunity to create products that will help our customers grow their businesses.”