Brex, a company that delivers corporate cards to start-ups, has raised $100m in a new funding round at a valuation of $2.6bn.

The latest funding round was led by Kleiner Perkins Digital Growth Fund.

Brex funding

The start-up’s existing investors such as Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital and IVP also participated in the round.

Brex in its press statement said that it will use the funds to expand its corporate spending features and rewards, and also expand its services to a broader audience.

Brex co-founder and co-CEO Henrique Dubugras said: “At Brex, we build corporate payment technology to accelerate entrepreneurs and scaling companies. We recognise that each business is unique and therefore tailor our product to meet their specific circumstances.

“With this new funding, we can deliver relevant and unique financial products to an increasingly broad customer base.”

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The latest funding round raises Brex’s total equity funding to $315m.

Last year, the San Francisco-based start-up raised $125m in Series C round at a $1.1bn valuation.

In April this year, Brex and its financial backer Barclay Investment Bank announced a $100m debt capital raise to power the platform’s next phase of growth.

Recently, the start-up made strategic enhancements to its capital and financial markets infrastructure including software upgrades and financial appointments from SoFi, Kraft Heinz and PwC.

Unlike other card companies, rather than focusing on credit history, Brex issues cards using bank account information and the start-up’s funding data.

In February this year, Brex, introduced a new credit card designed specifically to for e-commerce businesses to buy inventory, ads, software and other associated services.

The Brex e-commerce card is designed to enable online retailers to overcome the issues of legacy banking systems.

It also has additional functionalities and is simpler to manage compared to other credit cards with similar offerings.