Brex, the Silicon Valley start-up that lends to other start-ups, taps a $200 million line from Credit Suisse
Brex CFO Michael Tannenbaum says the deal will help scale the two-year old company, last valued at $2.6 billion.
The San Francisco-based company, last valued at $2.6 billion, secured $200 million in debt from Credit Suisse to grow its business of issuing corporate cards to fellow start-ups, according to chief financial officer Michael Tannenbaum. Having a bigger line of credit could be key for two-year old Brex as it seeks to compete with the likes of"We've probably raised more equity than we needed because we compete with financial institutions," Tannenbaum said in a phone interview.
Since Brex isn't a bank like some of its competitors, it has to rely on outside sources of funding — either banks like Credit Suisse or alternate sources like family offices — to make loans. Brex started with credit cards last year, but expanded into bank-like products in October with the launch of a high-interest cash management product.Both are fuel for the growth of a business, but debt and equity have different purposes for start-ups. In the case of Brex, Tannenbaum said they use equity mostly to invest in products and software and hire people.
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