Brex confirms $300 million mega-round

Source: Brex

U.S. fintech company Brex, the company reimagining finance for growing businesses, today announced the appointment of Karandeep Anand as the company’s Chief Product Officer.

The company also announced it has raised an additional $300 million in a Series D-2 round led by Greenoaks Capital and Technology Crossover Ventures (TCV).

Anand brings extensive product leadership experience to Brex, and most recently led Meta’s business products group, which served more than 200 million businesses globally. 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 Brex’s product portfolio expansion efforts.

The latest funding round will enable Brex to deepen its investment in expanding the company’s product portfolio, serving a wider range of finance needs for fast-growing companies. Since the company’s founding in 2017, Brex has raised a total of $1.2 billion from investors and is currently valued at $12.3 billion.

“Brex has always moved fast. But as the company has scaled, they’ve managed to get even faster, accelerating their growth since our last investment,” said Neil Mehta, Founder and Managing Partner of Greenoaks. “Brex is building a full financial operating system that keeps getting more comprehensive, all of which will delight existing customers and attract new ones. We are thrilled to continue working with the Brex team, and we look forward to being partners for years to come.”

“Brex is fundamentally transforming financial operations with a growing suite of innovative financial products and a magical user experience,” said David Zhang, Partner at TCV. “We are honored and excited to continue joining founders Henrique Dubugras and Pedro Franceschi on their journey to becoming one of the most important fintech franchises in the world.”

“We are grateful for the ongoing 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 incredibly lucky to have Karandeep join the team to lead this important initiative. Karandeep understands our customers and knows how to build and scale business products with consumer-grade ease 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 globally through innovation in financial products is incredibly exciting,” said Karandeep Anand, Chief Product Officer of Brex. “The opportunity ahead for Brex is expansive, and I’m grateful for the opportunity to create products that will help our customers grow their businesses.”