Brex launches credit card for startups, raises $57 million from Y Combinator, PayPal founders, others

A fintech startup Brex, founded out of San Francisco in 2017, has lifted the lid on a new credit card product specifically for startups, along with the announcement of $57 million in funding from some major figures in the technology and financial worlds. The company is setting out to reimagine the corporate credit card. It essentially underwrites businesses, and when deciding on credit limits it sidesteps credit history to consider factors such as who has invested in the startup and the equity they hold, cash balance, and spending patterns. Prior to now, Brex had only announced a $120,000 Y Combinator-funded seed round, but now the startup revealed that it has raised an additional two rounds of funding — $7 million from Y Combinator and Ribbit Capital in April 2017,  and in March this year it closed a $50 million series B round of funding from the Y Combinator Continuity fund, PayPal founders Peter Thiel and Max Levchin, serial entrepreneur Yuri Milner, Ribbit Capital, and Carl Pascarella.

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