Brex deploys debt financing tool
Silicon Valley FinTech Brex is launching a new product to extend debt financing with longer terms and faster due diligence to some of its selected business clients.
CEO and co-founder of Brex Henrique Dubugras said in a Press release Wednesday, August 25 that the startup still aims to “support growing companies” and launches new products as its customer base continues to grow.
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“Our risky debt solution was created with scale in mind so we can help founders take their businesses to the next level while minimizing dilution,” added Dubugras.
The company strives to be the ‘all-in-one financing solution for growing businesses’, and with Brex Venture Debt it is able to provide access to debt financing to a wider customer base. .
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Brex Venture Debt is extended to selected clients with “scalable and recurring revenues in high growth industries” that include software as a service (SaaS) and FinTech, the statement said. The product is different from what a traditional bank currently offers in that it has longer durations and faster approvals.
One of Brex’s first clients was Welcome co-founder and CEO Roberto Ortiz, who is now considering bringing in Brex Venture Debt to help develop his company’s virtual events platform. “The Brex offer is much more suited to the needs of growing companies than what previously existed in the market,” Ortiz said.
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Founded in 2018, Brex began by offering a business card developed with startups in mind. Since then, the business has grown rapidly by offering faster onboarding times, seamless integration, faster settlement speeds, and real-time visibility.