Brex, a US-based firm that issues corporate cards for startups, and its financial backer Barclay Investment Bank, have announced a $100m debt capital raise to power the platform’s next phase of growth.

With the financial backing from Barclays, Brex will be able to increase its corporate offerings to different business sectors and meet its clients’ growing needs.

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This capital raise comes as a warehouse line of credit, which will be backed by Brex’s corporate card receivables.

Recently, Brex has made strategic enhancements to its capital and financial markets infrastructure including software upgrades and financial appointments from SoFi, Kraft Heinz and PwC.

Brex CEO Henrique Dubugras said: “We are innovating at a rapid pace, and our partnership with Barclays allows us to continue to support our growth financially.”

“We will continue to expand the Brex platform by harmonizing our impactful technology with financial expertise and regulatory compliance.”

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The Brex Mastercards enables startups to get a corporate card without providing a personal guarantee. Besides an instant approval, this card offers a higher credit limit, reward points, travel programmes and fraud protection.

Barclays managing director and head of Securitized Products Origination Martin Attea said: “Partnering with high-growth fintech companies like Brex is core to our strategy.”

“We are excited to see the continued growth at Brex and look forward to assisting them in offering high quality and cutting-edge solutions to their rapidly expanding customer base.”

Brex has so far raised $215m from equity funding from investors Ribbit Capital, Greenoaks Capital, DST Global, IVP amongst others.

In February this year, Brex, introduced a new credit card designed specifically to for e-commerce businesses to buy inventory, ads, software and other associated services.