US-based expense management fintech PEX has secured $160 million in debt and equity financing to accelerate the expansion of its corporate payments platform, invest in artificial intelligence, and scale its growing charge card business.
The financing was led by Bluff Point Associates, while Clear Haven Capital Management is providing the credit facility supporting the company’s charge card programme.
Founded more than two decades ago, PEX has evolved from a prepaid business card provider into a spend management platform offering prepaid cards, charge cards, expense automation, and payment controls through a unified platform. The company says it has processed more than $11.7 billion in customer spending to date.
According to PEX, the new capital will be invested in three strategic areas. A significant portion will support the continued expansion of its charge card business, which has recorded triple-digit growth since launching in 2024. The company plans to increase lending capacity while strengthening the payment infrastructure behind its commercial card offering.
PEX also intends to accelerate development of AI-powered automation tools designed to reduce manual finance tasks, including expense categorisation, receipt matching, account reconciliation, card management, and back-office workflows.
The third investment priority is expanding the company’s workforce and customer reach as it targets small and medium-sized businesses preparing for ownership transitions. PEX argues that modern financial systems have become increasingly important for businesses looking to improve operational efficiency and increase their attractiveness to potential buyers.
The company believes many profitable businesses struggle to transfer ownership because outdated financial processes create additional complexity during due diligence. By providing automated expense management, real-time financial controls, and integrated payment infrastructure, PEX aims to help businesses modernise their finance operations before ownership changes occur.
As businesses continue adopting AI-driven finance software and digital payment platforms, spend management remains one of the fastest-growing areas of fintech. Fresh capital will allow PEX to expand its product capabilities while supporting growing demand from organisations seeking greater automation and visibility over corporate spending.
