Corporate credit card provider Brex has achieved a $7.4 billion valuation after a $425 million Series D funding round.

This brings the total funding of the San Francisco based company, which has over 600 employees, to $940 million.

Brex, which launched in 2017 with a corporate credit card aimed at SMEs, now provides a solution which combines spend management and bill pay software together into one platform.

The news comes after competitor corporate credit card provider Ramp raised $115 million earlier in this month, which the FinTech claimed gave it a $1.6 billion valuation and unicorn status.

Brex’s funding round was led by Tiger Global, and included new investors TCV, GIC, Baillie Gifford, Madrone Capital Partners, Durable Capital Partners LP, Valiant Capital Management, and Base10.

Existing investors Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital, Lone Pine Capital, and IVP also contributed to the round.

In Q1 2021, Brex claimed it grew its total customers by 80 per cent and that small business now account for 45 per cent of its customers.

In February 2021, Brex filed for a license to open an industrial bank in Draper, Utah - named Brex Bank - which would allow it to offer credit services to its customers if it is approved.

"Brex is building the future of finance for the next generation of businesses,” said Scott Shleifer, Partner, Tiger Global. “We are excited to partner with them as they continue growing rapidly, innovating their product offerings, expanding their customer base and leading an industry that is dominated by incumbents."

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