HISTORICAL P100 / #32

Brex

Fintech / Corporate Cards · United States

Historical ranking valuation$12.3BSource snapshot: Jun 19, 2026

Disclosed primary funding in this record

$950M

Sum of non-overlapping disclosed USD amounts in confirmed primary financing entries in this record, including separately labeled equity components; not verified lifetime funding. Excludes amounts already included in a later round, announced, reported, database-only, debt, secondary and unclassified events.

4 confirmed primary rounds with disclosed USD amounts · Record through 2026-09-28

THE BUSINESS

Get to know Brex.

Brex provides corporate cards and spend-management software for businesses. Its products include card controls, expense workflows, reimbursements and accounting integrations; Brex identifies itself as a financial technology company, not a bank.

Brex company and card overview ↗Source checked Sep 24, 2026

Valuation history

Valuations reported at the time of each round.

May 17, 2022$12.3BEmployee tender · ConfirmedSource ↗

Jan 11, 2022$12.3BSeries D-2 · ConfirmedSource ↗

Apr 2021Over $7.4BSeries D · ConfirmedSource ↗

Funding history

Funding rounds, debt and other financing events.

14sourced events · record as of 2026-09-28

Capital One acquired Brex on April 7, 2026. Its January $5.15B agreement value was a purchase price, not funding; the completion announcement omitted final consideration. A database's July 2026 $250M Series E after the close was removed pending credible issuer evidence. The 2022 $250M employee tender is secondary; the 2025 $235M revolving facility and April 2019 Barclays warehouse line are debt capacity, not new equity. Brex's June 2019 and October 2018 issuer releases identify separate $100M and $125M closes; the June 2018 $57M was reported cumulative fundraising at launch, not a proven additional Series B amount. The May 2020 $150M financing is reported but its imported Series C-3 label and exact close date are unverified. The December 2019 Credit Suisse announcement describes $200M warehouse capacity, not actual draws or equity. Early A reports disagree on $6.5M versus $7M; neither amount is confirmed. The $120K YC check is reported, not verified from accelerator participation. Early-check and warehouse close dates are undisclosed. No database-only observations remain in this retained record, but this is not an independently reviewed complete history, a holder register or proof of saleable shares. Brex needs historical, not current-independent-private, ranking treatment.

Apr 7, 2026LATEST SOURCED

other

Capital One acquisition completed

Investors undisclosed

AmountUndisclosed in completion announcementValuationUndisclosed

Jan 22, 202613

other

Capital One acquisition agreement

Investors undisclosed

Included in 2026-04-07 acquisition completion; not added again to the confirmed-raised sum.

Amount$5.15B agreed transaction valueValuationUndisclosed

Jan 13, 202512

debt

Revolving credit facility

Citi (lead) · TPG Angelo Gordon

Amount$235M capacityValuationUndisclosed

May 17, 202211

secondary

Employee tender

Y Combinator (lead) · Mubadala Investment Company · Baillie Gifford

Amount$250MValuation$12.3B

Jan 11, 202210

primary

Series D-2

Greenoaks Capital (lead) · TCV (lead)

Amount$300MValuation$12.3B

Apr 202109

primary

Series D

Tiger Global (lead) · TCV · GIC · Baillie Gifford · Madrone Capital · Durable Capital · Base10 · Y Combinator Continuity · +5 more

Amount$425MValuationOver $7.4B

May 20, 202008

primary

May 2020 financing (series label unverified)

Lone Pine Capital (lead) · DST Global

Amount$150MValuationUndisclosed

Jun 201907

primary

June 2019 investment (series label unverified)

Kleiner Perkins Digital Growth Fund (lead) · Y Combinator Continuity · Ribbit Capital · DST Global · Greenoaks Capital · IVP

Amount$100MValuationUndisclosed

Apr 201906

debt

Barclays warehouse credit line

Barclays (lead)

Amount$100M facility; drawn amount unverifiedValuationUndisclosed

Oct 5, 201805

primary

Series C

Greenoaks Capital (lead) · DST Global (lead) · IVP (lead)

Amount$125MValuationUndisclosed

Jun 201804

primary

Series B

Y Combinator Continuity (lead)

AmountRound amount undisclosed; $57M was reported cumulative fundiValuationUndisclosed

Apr 201703

primary

Early Series A (reported amount conflict)

Y Combinator · Ribbit Capital

Source published Jun 19, 2018; not a financing date

The original 2018 account reports $7M in April 2017 with Y Combinator and Ribbit Capital; a later account reports $6.5M: https://techcrunch.com/2019/06/11/brex-series-c2/ . These are conflicting descriptions, not two rounds. No verified amount, net proceeds, lead allocation or legal stock class is established. April is a reported month, not an April 1 closing. The later $25M valuation is not independently authenticated.

Amount$6.5M / $7M reported; unresolvedValuationUndisclosed

Date undisclosedUNDATED

debt

Credit Suisse warehouse line (capacity)

Investors undisclosed

Source published Dec 11, 2019; not a financing date

The original Brex issuer wire, read through its StreetInsider syndicated body, describes a receivables-backed Credit Suisse warehouse line. This is credit capacity, not actual draws or net cash proceeds. The December 11 publication date is not an authenticated closing date. Credit Suisse is the lender; financing arrangers are not equity subscribers. The release's cumulative equity/debt figures are not additional rounds. Inspected issuer body: https://www.streetinsider.com/dr/news.php?id=16232826

Amount$200M capacityValuationUndisclosed

Date undisclosedUNDATED

primary

Early YC funding (reported check)

Y Combinator

Source published Jun 19, 2018; not a financing date

The original publisher reports prior $120K YC funding. The founder's YC profile describes early funding before a product pivot: https://www.ycombinator.com/companies/brex . Winter 2017 membership is not proof of the actual check, instrument or legal issuer. The March 20 imported closing date is unverified. Modern accelerator terms cannot establish this historical check. This remains a reported observation, not authenticated primary proceeds or YC lead status.

Amount$120K reported; check unverifiedValuationUndisclosed

Financing participants

Investors, lenders and other parties named in funding announcements.

Citi

Revolving credit facility · Jan 13, 2025 · Lead participant · debt · Confirmed · Confirmed source ↗

TPG Angelo Gordon

Revolving credit facility · Jan 13, 2025 · Participant · debt · Confirmed · Confirmed source ↗

Y Combinator

Employee tender · May 17, 2022 · Lead participant · secondary · Confirmed · Confirmed source ↗

Early Series A (reported amount conflict) · Apr 2017 · Participant · primary · Reported · Reported source ↗

Early YC funding (reported check) · Date undisclosed · Participant · primary · Reported · Reported source ↗