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ISSUE – Dec. 06| Brex, the start-up that lends to other start-ups, taps $200 million line from Credit Suisse

The San Francisco-based company, last valued at $2.6 billion, secured $200 million in debt from Credit Suisse to grow its business of issuing corporate cards to fellow start-ups, according to chief financial officer Michael Tannenbaum. Having a bigger line of credit could be key for two-year old Brex as it seeks to compete with the likes of American Express.

“We’ve probably raised more equity than we needed because we compete with financial institutions,” Tannenbaum said in a phone interview. “You’re trusting Brex to offer financial services — the stronger the balance sheet is, the better Brex is as a partner and as a service provider.” [ CNBC ]

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