PEX 160m financing backs card and spend management expansion

PEX 160m financing will give the corporate card and spend management company fresh capital to expand its payments, credit and finance automation platform, Finextra reported. The package combines debt and equity and was led by Bluff Point Associates, with a credit facility from Clear Haven Capital Management supporting the company’s charge card programme.

The financing comes after what Finextra described as sustained triple-digit growth in PEX’s charge card business. The company’s wider platform has supported more than $11.7 billion in spending since its launch, according to the report.

What is PEX using the funding for?

PEX plans to put the capital toward faster growth in its charge card programme and spend management platform, Finextra reported. The company also intends to invest in sales and partnerships as it seeks to broaden use of its platform.

The transaction includes both debt and equity funding. In this structure, debt provides capital that is expected to be repaid under agreed terms, while equity financing gives investors an ownership interest. For a financial technology company, the mix can help support lending capacity, product expansion and commercial growth without relying on a single source of capital.

PEX’s platform sits in the corporate payments and expense-control market, where businesses use cards, credit tools and software to set spending rules, automate workflows and monitor outlays. The company describes its offering as a single platform spanning payments, credit, spend management and automation.

Toffer Grant, PEX’s chief executive, said the company is targeting businesses that historically had less access to advanced financial tools than large enterprises. “For too long, sophisticated financial tools were reserved for large enterprises,” Grant said, according to Finextra. “We're changing that by combining payments, credit, spend management and automation into a single platform that helps businesses operate with greater control and confidence.”

The funding round underscores continued investor interest in financial software that connects payment execution with credit access and back-office controls. For operators, these tools can reduce manual finance work and give managers more visibility over company spending. For providers, the challenge is scaling card programmes and automation products while maintaining credit discipline and compliance controls.

Finextra reported that the charge card growth has been a central factor behind the new financing. The Clear Haven Capital Management facility is tied to that programme, while Bluff Point Associates led the overall debt and equity financing package.

This story draws on original reporting from Finextra Research.