The valuation comes after news that the company has raised $100m in fresh funding, in a round led by Kleiner Perkins Digital Growth Fund. The company makes a corporate credit card for young companies, determining credit limits based on non-traditional metrics, but has also aggressively expanded to other segments.
Brex last raised money in October. Since that time, its monthly revenue has grown sixfold through May, according to a person familiar with the company’s financials. Part of the company’s sales growth comes from its new services for e-commerce companies, which include a card with a 60-day interest-free credit line. The e-commerce effort, launched in February, is already close to one-third of the business, said Brex Chief Executive Officer Henrique Dubugras. “It grew much faster than what we expected internally, so I’m hoping life sciences goes at the same speed, but each new vertical is like a new product,” he said.