Brex’s co-founders Henrique Dubugras and Pedro Franceschi previously raised $57 million and according to the WSJ are now on the hunt for a 3rd round of funding, hoping to raise about $100 million.
The post-money valuation of its Series B round, closed earlier this year, was about $225 million, according to PitchBook Data. Ribbit Capital and Y Combinator Continuity fund, as well as individuals including PayPal co-founders Peter Thiel and Max Levchin, are existing investors. Yuri Milner, founder of DST Global, is also an investor. In addition to issuing credit cards, Brex offers expense-management software, where it competes with large companies such as SAP Concur, as well as smaller ones like Expensify, Divvy and Bento Technologies Inc.