Pex Secures $160 Million in Funding for Expansion of Card Issuing Services
Business-to-business card company Pex has raised $160 million in debt and equity financing from private equity firm Bluff Point Associates to expand its commercial card and spend-management services. The funding will be used to accelerate product innovation, sales efforts, partnerships, and strategic growth. Pex's CEO Toffer Grant emphasized the need for integrated financial tools tailored for small- and medium-sized businesses. Pex has been operating since 2009 and offers a range of card products including prepaid, charge, disbursement, virtual, and credit cards. The company claims to have managed $11.7 billion in corporate spending over its history and serves industries such as construction, nonprofits, business services, and media and entertainment. Bluff Point Associates focuses on investing in financial technology companies with strong customer retention and recurring revenue models. Pex currently has around 10,000 customers, including notable clients like Live Nation, Tory Burch, and Servpro.
Topics: B2B fintech card issuing expansion spend management startup