Brex closes employee tender offer, at a $12.3B valuation

Brex announced today that it closed a $250 million private tender offering, intended for the fintech's employee base.

Why it's the BFD: The move shows that the expense management company, a so-called "decacorn" given its valuation, has earned the confidence of investors and is seeking to share some of that love with its employees, as it continues to grow even amid a tech rout.

Details: The transaction was led by Y Combinator with participation from other investors, such as Mubadala and Baillie Gifford, at a $12.3 billion valuation, the company said.

Of note: "We know that this is not an easy time for tech companies given the volatile market environment, and we are overwhelmed with the incredible support, confidence, and trust we continue to receive from our investors and customers," co-CEO Henrique Dubugras said in the note.