How Brex’s Funding Will Aid Its Growth Acceleration

Brex, a leading fintech organisation that integrates expense management tools, corporate credit cards and cash management services into a unified platform, has secured a two-year, US$235m revolving credit facility with Citi as the senior lender and TPG Angela Gordon as a participating lender. 

This credit facility will enhance Brex’s financial flexibility and support its accelerated growth and scaling of its spend management and global corporate card solutions.

Ben Gammell, Chief Financial Officer at Brex, explains: "This transaction highlights the continued momentum of Brex's card offering and our entire product suite.

"Our capital position remains exceptionally strong, and this credit facility, which follows our largest and most robust securitization to date, allows us to further scale our card solution and empower our customers in making every dollar count."

Meet Brex

Brex is a modern fintech organisation that offers tailored spend management solutions and corporate cards to enterprises and start-ups. 

It empowers businesses to effectively manage their financial operations by offering tools to streamline travel bookings, expense management, bill payments and banking.

Its corporate cards offer rewards specific to business needs, integrated expense tracking and high limits to enhance flexibility and scalability. 

Brex strives to ensure financial management is accessible to all organisations by leveraging innovative technologies. 

By focusing on growth and innovation, Brex strives to support businesses utilise their money while enhancing financial control and transparency. 

Brex has secured its position as a trailblazer in modern spend management by supporting organisations to reach their financial goals and optimise their resources. 

Brex’s growth in 2024

Brex continued to strengthen its position as a leader in fintech in 2024.

The organisation launched its new operating model to enhance the quality and intensity of its work towards the beginning of 2024 - Brex 3.0.

This transformation adopted quarterly thematic releases and streamlined development efforts to deliver seamless customer experiences and high-quality products. 

Pedro Franceschi, Founder and CEO of Brex, explains: “At Brex, we reimagine financial services and software to help companies make every dollar of spend count, across corporate cards, banking, bill pay, expense management, and travel. We serve customers of all sizes, from startups to the largest companies on the planet.

“While the work is far from done, 2024 was a year of sharp improvement at Brex. Revenue growth accelerated almost 3x this year, net revenue retention is up more than 15 points, while burn rate is down almost 70%. In 2025, we expect the pace of revenue growth to continue accelerating at scale, and to be the last year in which Brex burns money.”

This revolving credit facility will further support Brex’s rapid growth and strengthen its position as a leader in fintech innovation amid any potential financial disruption. 

What impact will this credit facility have?

Brex will be able to effectively scale its financial solutions for businesses through the revolving credit facility with Citi and TPG Angelo Gordon.

Not only will it support the expansion of Brex’s product suite, encompassing expense management, bill payment solutions, travel services and banking but it will also strengthen its liquidity by enhancing its flexibility to support the ever-changing needs of global enterprises and start-ups.

By securing this credit facility, Brex has unlocked numerous opportunities, including:

• Fuel Brex’s accelerated growth trajectory by securing access to capital for innovation
• Improved product offerings
• Strengthened market position
• Customer empowerment
• Demonstrate its financial strength to attract confidence from investors and stakeholders
• Strengthen relationships with Citi and TPG Angelo Gordon to unlock future opportunities
• Cost optimisation
• Improves Brex’s ability to adapt efficiently to market opportunities, customer needs or unexpected challenges without financial strain

Aaron Ong, Head of Private Asset-based Credit at TPG Angelo Gordon, explains: "We are thrilled to provide capital support to Brex in its pursuit to offer modern spend management solutions for businesses of all sizes.

"This partnership demonstrates how TPG Angelo Gordon customizes capital solutions to meet the needs of our borrowers, and we are pleased to be part of Brex's incredible story."

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