PEX raises $160M to expand corporate card platform

Corporate card and spend management fintech PEX has raised $160 million in a combination of debt and equity financing. The round was led by Bluff Point Associates, with participation from existing investors. The funding will support the company's efforts to scale its platform for payments, credit, and finance automation.

PEX offers a platform that enables businesses to issue corporate cards, manage spending, and automate financial workflows. The company's tools are designed to give finance teams greater control and visibility over company expenditures, helping to streamline operations and reduce manual processes.

The new capital will be used to enhance PEX's product offerings and expand its customer base. The company plans to invest in developing advanced automation features, including AI-driven expense management and integrated credit solutions, to meet growing demand from mid-market and enterprise clients.

With this funding, PEX aims to strengthen its position in the competitive corporate spend management space. The company has seen increased adoption as businesses seek more efficient ways to manage finances in a digital-first environment.