Brex raised $300 million in a Series D-2 round in the latest fintech megaround, raising its valuation to $12.3 billion. 

Brex initially offered credit cards to entrepreneurs and SMBs. It has evolved to become a one-stop funding shop for these enterprises. Brex Premium, a $49-per-month service, combines credit cards, company cash accounts, and new spend control and bill pay software under a single dashboard last April. Since its founding, the company has concentrated on corporate cards, banking, and cost management. Its goal is to be a "financial operating system" for clients.

Brex hired Meta (formerly Facebook) executive Karandeep Anand alongside the funding announcement. After leading Meta's business products group, which served over 200 million organisations, Anand was named chief product officer. Anand oversaw the Azure cloud and developer platform product management strategy for 15 years at Microsoft. Brex's fresh money will go to expanding its product portfolio under the exec's leadership.

Brex serves startups and e-commerce companies that are tiny yet growing. Brex is currently serving mid-market to larger firms with changing financial demands as they mature. Anand may be most valuable here.