FinTech startup unicorn Brex is one of the many companies that has had to adapt its business offerings in response to the COVID-19 pandemic.
In addition to helping its customers obtain loans from the Paycheck Protection Program (PPP), the company also updated its Card for Startups to accommodate those working from home and ordering food deliveries. Customers using Brex as their primary corporate cardholder will earn seven points per dollar for remote work tools, three points per dollar on food delivery, and two points per dollar on recurring software. For everything else, there will be an extra one point per dollar.
The company has also added new discounts for all people who have Brex cards, including $100,000 in credits for Amazon Web Services, 25 percent off an annual subscription to Slack, and half-off a subscription to the annual Dropbox Business Standard, which offers five terabytes of storage on that platform.
“Brex rebuilt the credit card technology stack from scratch precisely to be able to nimbly adapt features that best serve our customers. The economic and public health ramifications of COVID-19 are devastating to many, and Brex wants to do everything it can to help its customers during this time. This new rewards program is one of a number of ways we’re adjusting,” said Henrique Dubugras, Co-Founder and Co-CEO of Brex.
And as it plans further growth in the future, the company just revealed it has raised $150 million in a funding round led by Lone Pine Capital, as well as a group of existing investors led by DST. Brex has raised over $400 million in funding to date, with investors including Y Combinator Continuity, Kleiner Perkins, and the founders of PayPal.
This latest cash infusion will be used to expand investments across engineering and product and design functions via a combination of organic efforts and small acquisitions. In March, Brex announced three acquisitions to add engineering and product talent to its ranks: Neji, a San Francisco-based startup building blockchain and networking technologies for businesses; Compose Labs, a San Francisco-based startup that powers next-generation video experiences, including the popular educational platform CommonLounge; and Landria, a San Francisco-based startup that builds internal knowledge databases for companies.
