US fintech company Brex has secured a $235 million revolving credit facility with Citi and TPG Angelo Gordon.
15th January 2025
Expense management platform Brex has secured a $235 million revolving credit facility, with Citi acting as the senior lender and investment platform TPG Angelo Gordon also participating.
Founded in 2017, Brex, a leading expense management platform, serves over 30,000 companies across 120 countries, including high-profile clients such as DoorDash and Compass, processing “tens of billions of dollars in transactions” annually.
The US-based fintech plans to use its newly secured $235 million revolving credit facility to expand its corporate card offerings, alongside its comprehensive suite of expense management, travel, banking, and bill payment solutions.
Recent updates to Brex’s corporate card product include the introduction of an AI-powered accounting tool for real-time financial closing, a card management hub, and a user interface that incorporates over 100 new features, all launched in the summer.
In addition to this new facility, Brex successfully completed its third securitisation transaction in March, issuing $260 million in charge card asset-backed notes. The company also maintains additional warehouse facilities with Barclays Investment Bank and Credit Suisse.
Ben Gammell, Brex’s CFO, said, “This credit facility, coupled with our largest and most robust securitisation to date, enables us to scale our card solutions and further empower our customers to make every dollar count.”
