Brex, the modern finance platform for growing businesses from startups to enterprises, today announced that its senior bond has been upgraded from AA to AAA by Kroll Bond Rating Agency (KBRA)—the highest possible rating.

KBRA upgraded Brex's A senior bonds from its latest securitization, which included the issuance of $260 million of charge card asset-backed notes. This transaction was meaningfully oversubscribed. Brex is the only charge card issuer in the market, and among the youngest issuers, to achieve a AAA rating among similar asset classes—accomplishing this milestone within just 7 years of initial card issuance and only 4 years after its first securitization. The AAA rating unlocks substantial benefits for Brex, including optimizing its cost of financing and improving the liquidity of its securitization shelf, ensuring greater financial flexibility and stability.

The AAA rating also reflects Brex's innovative underwriting model which utilizes AI to predict the probability of customer default based on real-time banking transaction data. Leveraging machine learning, Brex is able to better identify patterns that indicate financial health or risk.

"Achieving a AAA rating from KBRA is a testament to the strength and sustainability of Brex's business," said Laura Lonardi, Head of Capital Markets and Treasury at Brex. "This achievement underscores our commitment to long-term stability and the trust customers place in Brex as we continue to deliver the tools necessary to help them spend smarter and move faster."

The upgrade, following KBRA's annual review, recognizes Brex's exceptional results and robust credit performance. Brex recently reported that the company's overall revenue growth grew threefold, with net revenue retention increasing by 15 percentage points last year. Additionally, its enterprise business grew revenue 80%, with net revenue retention reaching nearly 140% year-over-year.