Corporate card and spend management platform PEX closed $160 million in debt and equity financing led by Bluff Point Associates to scale its charge card program, expand the integrated platform, and accelerate AI driven product and go to market growth.
PEX, a New York-based corporate card and spend management platform founded in 2007 by Toffer Grant, secured $160 million in debt and equity financing. The round was led by Bluff Point Associates, a Westport, Connecticut private equity firm specializing in growth oriented lower middle market technology companies in financial services and healthcare. Clear Haven Capital Management provided a credit facility supporting the charge card program.
This brings PEX’s total capital raised to approximately $169.7 million across six rounds. Prior activity includes a Series D (with undisclosed amount, involving Bluff Point Associates and others around March 2026, following a reported ~$9.7 million equity raise), a Series C in mid 2024, earlier equity (including a $3.2 million Series B in 2012 led by Inovia Capital and Bluff Point), and smaller loans/PPP support.
How will PEX use the funds?
The capital primarily accelerates the fast growing charge card business (backed by the Clear Haven facility), expands the broader spend management platform, fuels product innovation (including AI powered automation for routine tasks, receipt matching, policy enforcement, and data accuracy), increases transaction capacity, and supports go to market efforts in sales, partnerships, and strategic initiatives. It also broadens platform access for more businesses.
PEX positions itself as an integrated, all in one solution combining corporate cards (physical, virtual, prepaid, charge, and disbursement options with customizable controls), spend management, credit, bill pay, automated workflows, AI receipt capture/matching, real time visibility, and accounting/ERP integrations. This contrasts with fragmented tools limited to single functions. The platform has processed more than $11.7 billion in spend since inception and emphasizes accessibility for growing and mid market companies rather than only large enterprises.
CEO Toffer Grant stated: “We believe the future of business finance is integrated, intelligent and accessible to companies of every size. For too long, sophisticated financial tools were reserved for large enterprises. 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.” Tom McInerney of Bluff Point Associates highlighted PEX’s strong customer retention, recurring revenue traits, competitive differentiation, growth, scale, and execution as key factors, noting the firm’s focus on businesses at the center of spending and payments management.
Demand is supported by structural shifts: millions of SMBs are expected to change ownership in the coming decade amid a “silver tsunami” of Baby Boomer retirements and succession/exits. Finance leaders face pressure for greater efficiency, visibility, and growth support with leaner teams. Modern software driven financial systems are increasingly viewed as core to business value and scalability, prompting a move away from legacy banking and card products.
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PEX competes in the corporate card/spend management space against players such as Ramp, Brex, Extend, and others focused on automation, controls, and mid market/SMB needs. Its long operating history (public debut around 2009), emphasis on prepaid to charge evolution, policy controls, AI features, and integrated automation differentiate it for distributed teams and growing businesses. Customer case studies on its site highlight time and cost savings (e.g., reduced reimbursement cycles, productivity gains).
The predominantly debt oriented structure (with equity participation from an existing long term investor) provides non dilutive or lightly dilutive scale capital suited to funding card balances and transaction volume growth while preserving equity upside. Sustained triple digit growth in the charge card segment and cumulative spend volume indicate product market fit and operational maturity. The investment validates the integrated platform thesis amid rising SMB demand for consolidated tools that reduce manual work, strengthen controls, and enable real time decisions.
This positions PEX to capture share in the evolving business finance infrastructure market by expanding capacity, accelerating AI and product development, and deepening distribution. Success will depend on continued execution in customer acquisition/retention, credit risk management for the charge card program, and competitive differentiation against larger or more heavily funded rivals.
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