Brex Secures $235 Million Credit Facility with Citi and TPG Angelo Gordon to Accelerate Card Product Growth

SAN FRANCISCO, Jan. 13, 2025 /PRNewswire/ -- Brex, the modern corporate card and spend management platform for startups and enterprises, today announced the closing of a two-year, $235 million revolving credit facility. Citi serves as senior lender for the credit facility, joined by TPG Angelo Gordon as a participating lender.

This credit facility, combined with Brex's existing warehouse facilities and master securitization trust—through which the company has closed three securitization issuances to date— will act to further support Brex's recent growth acceleration and expand its ability to provide  industry-leading global corporate cards, coupled with expense management, travel, banking, and bill pay solutions, to customers ranging from startups to global enterprises.

"This transaction highlights the continued momentum of Brex's card offering and our entire product suite," said Ben Gammell, Chief Financial Officer at Brex. "Our capital position remains exceptionally strong, and this credit facility, which follows our largest and most robust securitization to date, allows us to further scale our card solution and empower our customers in making every dollar count."

"We are thrilled to provide capital support to Brex in its pursuit to offer modern spend management solutions for businesses of all sizes," said Aaron Ong, Head of Private Asset-based Credit at TPG Angelo Gordon. "This partnership demonstrates how TPG Angelo Gordon customizes capital solutions to meet the needs of our borrowers, and we are pleased to be part of Brex's incredible story."

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About Brex

Brex is the corporate card and spend management platform for modern companies. Combining the world's smartest corporate card with intuitive expense management, banking, bill pay, accounting automation, travel, and more, Brex makes it easy to control spend before it happens, automate manual work, and optimize your finances. As a result, over 30,000 companies from startup to enterprises — including DoorDash, Flexport, and Compass — use Brex to make every dollar count. Founded in 2017, Brex enables tens of billions of dollars in transactions every year across 120 countries. For more information, visit brex.com.

About TPG

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $239 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit www.tpg.com.

SOURCE Brex