Brex wants to help startups get the money that traditional big banks won’t lend them, and it just acquired three companies to help it do so: Neji, Compose Labs and Landria. Per Brex, 12 new people will be joining Brex in total from the three companies, according to Techcrunch.
While the San Francisco fintech startup declined to share how much each deal cost, we all know Brex doesn’t have a shortage of capital: It has raised more than $300 million in known venture capital from investors like Kleiner Perkins, DST Global, Ribbit Capital and Y Combinator, per Crunchbase.
While on first thought the COVID-19 pandemic may have slowed the acquisitions, Henrique Dubugras, the co-founder of Brex, said that it simply enhanced the importance of the investments, which span across security, e-commerce and customer support. Let’s get into them respectively.
Neji is a San Francisco-based startup that specializes in protecting customer data across multiple cloud deployments. Security is important, especially when it comes to bank transactions. Dubugras said this acquisition will focus on making sure Brex Cash, the business cash management account that connects to the Brex Credit card, is secure.
More information at Techcrunch.