Brex, a San Francisco-based provider of industry-specific corporate credit cards, raised $100 million at a $2.6 billion post-money valuation. Kleiner Perkins Digital Growth led, and was joined by fellow return backers YC Continuity, Ribbit Capital, DST Global, Greenoaks Capital and IVP. The company previously raised $125 million last fall at a $1.1 billion post-money valuation.

Why it matters: Because it reflects how lending-related startups believe they need fortress balance sheets, much like what we recently saw with SoFi.

Of note: CEO Henrique Dubugras tells me that he views the deal as a "repricing event" and that its size was, in part, dictated by VC market conditions: "Growth equity investors want to put a certain amount of money to work. Once you add in the existing investors with pro rata, $100 million is probably the minimum we could raise right now."

Bottom line: Brex launched in 2017 with cards specifically tailored to startups, but more recently expanded into e-commerce (now 1/3 of revenue) and now into life sciences. Dubugras says the life sciences offering will, for example, offer multipliers on purchases like lab supplies and conference costs.

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Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 32,390,204 — Total deaths: 985,302 — Total recoveries: 22,286,345Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m ET: 7,020,967 — Total deaths: 203,481 — Total recoveries: 2,710,183 — Total tests: 98,476,600Map.
  3. States: "We’re not closing anything going forward": Florida fully lifts COVID restaurant restrictions — Virginia Gov. Ralph Northam tests positive for coronavirus.
  4. Health: Young people accounted for 20% of cases this summer.
  5. Business: Coronavirus has made airports happier places The expiration of Pandemic Unemployment Assistance looms.
  6. Education: Where bringing students back to school is most risky.
Mike Allen, author of AM
3 hours ago - Politics & Policy

Biden pushes unity message in new TV wave

A fresh Joe Biden ad, "New Start," signals an effort by his campaign to make unity a central theme, underscoring a new passage in his stump speech that says he won't be a president just for Democrats but for all Americans.

What he's saying: The ad — which began Friday night, and is a follow-up to "Fresh Start" — draws from a Biden speech earlier in the week in Manitowoc, Wisconsin:

Trump prepares to announce Amy Coney Barrett as Supreme Court replacement

Judge Amy Coney Barrett. Photo: Matt Cashore/Notre Dame University via Reuters

President Trump is preparing to nominate federal appeals court Judge Amy Coney Barrett of Indiana, a favorite of both the social conservative base and Republican elected officials, to succeed Justice Ruth Bader Ginsburg, Republican sources tell Axios.

Why it matters: Barrett would push the already conservative court further and harder to the right, for decades to come, on the most important issues in American politics — from abortion to the limits of presidential power. If confirmed, she would give conservatives a 6-3 majority on the high court.