Brex, a startup that provides corporate cards for other startups, and its financial backer Barclays Investment Bank have announced that the platform raised $100 million in debt capital to finance its next growth phrase.

The funding, backed by corporate card receivables, will be used to finance expansion into new verticals, a press release said.

San Francisco-based Brex said it recently made enhancements to its strategic and financial markets infrastructure, including software upgrades. The company also hired key personnel  from Kraft Heinz, PwC and SoFi.

"We are innovating at a rapid pace and our partnership with Barclays allows us to support our growth financially," Henrique Dubugras said in the announcement.

The Brex Mastercard allows entrepreneurs to get a new corporate card without a personal guarantee. The card features instant approval and a higher-than-average credit limit, as well as personalized rewards and travel programs and fraud protection.

To date, Brex has raised $215 million in equity from Y Combinator Continuity, Ribbit Capital, Greenoaks Capital, DST Gobal, IVP, billionaire investor Peter Thiel and Max Levchin.