Silicon Valley FinTech Brex is launching a new product to extend debt financing with longer terms and speedier due diligence to some of its select business customers.
Brex CEO and Co-founder Henrique Dubugras said in a press release on Wednesday (Aug. 25) that the startup is always aiming to “support growing businesses,” and is launching new products as its customer base continues to grow.
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“Our venture debt solution was created with scale in mind so that we can help founders take their business to the next level while minimizing dilution,” Dubugras added.
The company is striving to be the “all-in-one finance solution for growing businesses,” and with Brex Venture Debt, it is able to provide access to debt financing to a wider base of clients.
Brex Venture Debt is being extended to select clients with “scalable, recurring revenue in high-growth sectors” that include software-as-a-service (SaaS) and FinTech, according to the release. The product is different from what a legacy bank currently offers in that it has longer terms and faster approvals.
One of Brex’s first clients was Welcome Co-founder and CEO Roberto Ortiz, who is now planning to tap Brex Venture Debt to help grow his company’s virtual events platform. “Brex’s offering is far more tailored to the needs of growing companies than what existed previously in the market,” Ortiz said.
Founded in 2018, Brex started out by offering a corporate card developed with startups in mind. Since then, the company quickly scaled by offering faster onboarding times, seamless integration, quicker settlement speeds and real-time visibility.