Financial services company Brex has raised $100 million in a new financing led by Kleiner Perkins Growth Fund, the company said on Tuesday. The funding values the two-year-old company at $2.6 billion, more than double the valuation it received less than a year ago, when it raised $125 million from investors including Greenoaks Capital, DST Global, and IVP.
Brex, founded by Brazillian entrepreneurs Henrique Dubugras and Pedro Franceschi, offers corporate credit cards to small businesses and expanded its offerings to include credit cards for e-commerce businesses earlier this year. Mr. Dubugras has said Brex intends to take on established finance firms like American Express, and sees opportunities beyond the startups that it primarily works with now.
The financing fattens Brex’s war chest as it competes in a crowded field with other payments companies, including Divvy, which raised $200 million in financing in April. Brex has taken an aggressive, if old-fashioned, approach to attracting new customers by blanketing cities like San Francisco and New York with billboards and subway ads. In October, the company said more than 1,000 businesses are using its cards.