Brex, the modern corporate card and spend management platform for startups and enterprises, closed a two-year, $235 million revolving credit facility. Citi serves as senior lender for the credit facility, joined by TPG Angelo Gordon as a participating lender.
This credit facility, combined with Brex’s existing warehouse facilities and master securitization trust — through which the company has closed three securitization issuances to date — will act to further support Brex’s recent growth acceleration and expand its ability to provide global corporate cards, coupled with expense management, travel, banking and bill pay solutions, to customers ranging from startups to global enterprises.
“This transaction highlights the continued momentum of Brex’s card offering and our entire product suite,” Ben Gammell, chief financial officer at Brex, said. “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.”
“We are thrilled to provide capital support to Brex in its pursuit to offer modern spend management solutions for businesses of all sizes,” Aaron Ong, head of private asset-based credit at TPG Angelo Gordon, said. “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.”
