Brex Secures $235M Credit Facility for Global Corporate Cards

Brex secured a $235 million credit facility to expand its ability to provide global corporate cards and solutions for expense management, travel, banking and bill payments.

The credit facility is provided by the senior lender Citi and participating lender TPG Angelo Gordonsaid Brex on a Monday (Jan. 13) press release.

it joined the company’s existing warehouse facilities and master securitization trustaccording to the release.

“This transaction underscores the continued momentum of Brex’s card offering and our entire product offering,” Brex Chief Financial Officer Ben Gammell said in the release. “Our capital position remains extremely strong, and this credit facility, which follows our largest and strongest securitization to date, allows us to further enhance our card solution and empowering our customers to make every dollar count. “

Corporate credit cards stand out as the preferred choice for 52% of small to medium-sized businesses (SMBs) looking for alternative financing, according to the PYMNTS Intelligence report “What’s Next in Credit: Why SMBs Prefer Corporate Credit Cards for Short-Term Financing.”

The report found that nearly 92% of surveyed companies said they chose corporate cards as a working capital solution because of the ability to cover predictable costs, and nearly 80% mentioned that use business cards to meet unexpected expenses.

The news of the Brex credit facility follows partnerships and new product introductions announced by the company.

The company said in October that it had changed partnership program designed for accounting, bookkeeping and outsourced and fractional CFO firms. As part of the change, the Brex Accounting Partnership Program added new product experiences, services and dedicated programs for accounting professionals.

Brex also got along Navan in October to launch a new joint offering for streamlined businesses travel allowance into a workflow WHEN using the Navan travel management system. With the combination of Navan’s travel services and Brex’s global corporate card, BrexPay for Navan Provides an integrated business travel and payment solution.

In September, Brex launched an embedded payment solution designed to make it easier for B2B software vendors to streamline customer workflows with Brex. virtual cards. Brex Embedded supports the company’s corporate card and spending management platform for startups and businesses.

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