American financial technology company Brex has bagged an additional $150m investment to improve its product offerings.

The investment came from a group of existing investors led by DST and joined by an investment group named Lone Pine Capital.

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The latest funding bolsters Brex’s balance sheet and its position as a financial services provider to technology, ecommerce, life sciences and other businesses.

Brex will use the fresh funds to invest in engineering, product and design functions to improve expense management, procurement and software tooling for its customers.

The company also aims to increase its manpower and boost product development efforts, as well as drive growth through a combination of small acquisitions and organic efforts.

Brex co-founder and co-CEO Henrique Dubugras said: “We’re glad to have additional capital at a time when customers need us to be focused 100% on providing services and solutions to help them navigate these challenging economic times.”

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Brex has adapted its business to the current economic conditions and public health environment in the last few months.

Recent developments at Brex

Brex introduced a new rewards programme to better serve customers who are working remotely.

The company added contactless payment support for Apple Pay and Google Pay and helped its customers obtain millions of dollars in CARES Act Payment Protection Program loans.

Brex released its all-online bank account replacement product Brex Cash, which enables entrepreneurs to sign up for a savings and payments product remotely within 10 minutes.