US fintech Brex has raised an additional $300 million in a Series D-2 funding round led by Greenoaks Capital and Technology Crossover Ventures, valuing the company at $12.3 billion.
Since Brex was founded in 2017, it has raised $1.2 billion from investors, and plans to use the proceeds from the latest round to invest in its expanding product portfolio.
Neil Mehta, founder and managing partner of Greenoaks Capital, said: “Brex is building a full financial operating system that keeps getting more comprehensive, all of which will delight existing customers and attract new ones. We are thrilled to continue working with the Brex team, and we look forward to being partners for years to come.”
Alongside the fundraising, Brex has appointed Karandeep Anand as chief product officer to lead its product portfolio expansion efforts.
Most recently, Anand led Meta’s business products group, which served more than 200 million businesses globally and, prior to that, spent 15 years at Microsoft where he led the product management strategy for Microsoft’s Azure cloud and developer platform efforts.
Henrique Dubugras, co-CEO of Brex, said: “As we expand our product portfolio, we are incredibly lucky to have Karandeep join the team to lead this important initiative. Karandeep understands our customers and knows how to build and scale business products with consumer-grade ease to meet the needs of fast-growing companies.”
Anand added: “Brex is a market disruptor and the opportunity to create economic opportunity for millions of people and businesses globally through innovation in financial products is incredibly exciting.”