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Brex Inc. is an American financial service and technology company that offers business credit cards and cash management accounts to technology companies.[4] Brex cards are business charge cards, which require at least $50,000 in a bank account if professionally invested, if not with $100,000 to open, and cardholders who default won't damage their personal credit or assets.[5] Emigrant Bank issues the Brex cards.[6] In 2026, Capital One announced the acquisition of Brex.

Key Information

History

[edit]

Brex was founded by Brazilian entrepreneurs Henrique Dubugras and Pedro Franceschi on January 3, 2017. They had previously founded an online payments company, Pagar.me, before selling it to Stone.[7][8][9]

Brex began as a VR startup; however, the founders pivoted the company to fintech three weeks into Y Combinator's 12-week accelerator program.[10]

In February 2021, the company announced a submission application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish an industrial bank named Brex Bank, a wholly owned subsidiary of Brex. According to TechCrunch, the subsidiary appointed a former Silicon Valley Bank (SVB) executive as CEO.[6]

In April 2022, Brex launched Brex Empower, a financial software platform to help people comply with their employers' expense policies.[11] In June 2022, Brex exited the small and midsize businesses (SMB) market, shifting the company's focus to serving enterprise customers.[12] In August 2022, Brex named Doug Adamic as the company's new chief revenue officer.[13]

According to CNBC, Brex received billions of dollars in deposits from SVB customers on March 9, 2023—a day prior to SVB's collapse.[14] The following year, CNBC ranked Brex fourth on its 2024 Disruptor 50 list.[15]

In January 2024, Brex announced that it was laying off 300 of its employees, or roughly 20% of its workforce. The company cited slowing growth as a reason for the decision.[16]

In January 2026, Capital One agreed to acquire Brex in a transaction valued at approximately $5.15 billion in cash and stock. The deal is expected to close in mid-2026 subject to customary regulatory approvals and closing conditions.[17]

Investors

[edit]

Brex Inc. investors include Peter Thiel, Ribbit Capital, Y Combinator, DST Global, Kleiner Perkins, Lone Pine Capital, and Greenoaks.[18][19][20][21][22][6]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Brex

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from Grokipedia
Brex is an American company specializing in corporate credit cards, software, and services tailored for startups, high-growth companies, and enterprises. Founded in 2017 by Brazilian entrepreneurs Henrique Dubugras and Pedro Franceschi, who previously co-founded the online payments firm Pagar.me in their teens, Brex is headquartered in , , and operates as a platform that integrates AI-driven spend controls, reimbursements, and banking solutions without being a licensed itself—partnering with institutions like Column N.A. for deposit accounts. The company has achieved rapid growth, raising $1.67 billion in funding from prominent investors including , Tiger Global, , and , with a peak valuation of $12.3 billion following a $300 million round in 2022. By 2025, Brex serves more than 30,000 customers, including over 150 public companies such as , Robinhood, and , and achieved $700 million in annualized net revenue as of September 2025. On January 22, 2026, Capital One announced that it had entered into a definitive agreement to acquire Brex for $5.15 billion in a combination of cash and stock, with the transaction expected to close in the middle of 2026, subject to regulatory approvals and other customary conditions. As of February 7, 2026, the transaction has not yet closed. Its platform emphasizes automation, real-time spend visibility, and rewards programs designed to support venture-backed businesses, disrupting traditional providers like and . In 2025-2026, Brex's spend and expense management platform received generally positive reviews on professional software review sites but mixed feedback overall, with ratings of 4.8/5 on G2 (1,503 reviews), 4.5/5 on Capterra (137 reviews), 9.1/10 on TrustRadius, 4.4/5 on Gartner Peer Insights, and 2/5 on Trustpilot. Finance teams praise its intuitive interface and ease of use for expense management, real-time insights, automated categorization, receipt matching, and reimbursement, customizable virtual and physical cards with spending limits and budgeting tools, fast approval process (often in minutes to hours) with immediate virtual card access upon approval, no personal credit check or guarantee required, eligibility based on business financials, high credit limits for funded companies, low or no fees in many cases, and strong integrations. Users also highlight automated expense tracking, real-time controls, seamless integration of corporate cards, reimbursements, travel booking (powered by Spotnana), policy enforcement, budget tracking, and rewards redemption for bookings. However, customer service receives mixed reviews, with the low Trustpilot score reflecting dissatisfaction in some cases. The charge card requires full monthly payment, credit limits and eligibility are tied to company funding and performance, and some users report limitations in scalability or specific features, making it best suited for startups and growth-stage companies while less ideal for large or complex organizations. Overall, Brex is strong for streamlining finance operations in growth-stage companies but may require alternatives like Ramp for more mature teams. Some comparisons note it lacks advanced capabilities (e.g., vs. Expensify) and has eligibility restrictions, paywalled premium features, customer support delays on basic plans, and occasional integration or analytics limitations. Brex's leadership structure evolved from a co-CEO model, where Dubugras focused on external relations and fundraising while Franceschi handled internal operations, to a streamlined approach in June 2024, with Pedro Franceschi as sole CEO and Henrique Dubugras as chairman to enhance decision-making agility as the company scales following the announced acquisition by Capital One. Notable milestones include attaining unicorn status in just 18 months after launch, expanding into enterprise solutions, earning recognition as #2 on CNBC's 2023 list of top disruptors, and entering the EU market with a payment institution license in August 2025; the firm employs around 1,200 people as of 2025 and continues to innovate in areas like integrations.

History

Founding and early launch (2017–2018)

Brex was founded by Brazilian entrepreneurs Henrique Dubugras and Pedro Franceschi, who had previously built and sold a payments startup called Pagar.me. As teenagers, the duo met on in 2012 and launched Pagar.me in 2013 to provide online payment processing for small businesses in . The company grew rapidly, processing over $1.5 billion in transactions before being acquired by StoneCo in August 2016 for an undisclosed amount in the tens of millions. This early success, achieved while the founders were still in their late teens, provided them with substantial experience in and the capital to pursue new ventures in the United States. The company was incorporated on January 3, 2017, in , , with Dubugras and Franceschi as co-founders and co-CEOs. It participated in 's Winter 2017 batch, where the founders initially explored ideas in before pivoting to financial services. Their motivation stemmed from personal frustrations encountered during their time at and in Y Combinator: startups, particularly early-stage ones without established credit histories, struggled to access corporate credit cards from traditional banks, which often required personal guarantees or extensive financial documentation. Brex aimed to fill this gap by offering credit based on a company's funding traction rather than personal credit scores. In April 2017, shortly after joining , Brex raised a $57 million Series A funding round led by Continuity and Ribbit Capital, with participation from investors including and . The company began with a small team of about five employees operating out of a modest office in San Francisco's SoMa district. It rolled out a beta version of its rewards credit card product in late 2017 to select startups for testing and feedback, followed by a full public launch in June 2018, which notably eliminated the need for personal guarantees—a departure from industry norms. This early phase focused on refining the product to serve high-growth tech companies, setting the foundation for Brex's emphasis on startup-friendly financial tools.

Product expansion and initial growth (2019–2021)

In October 2019, Brex expanded its offerings with the launch of Brex Cash, a high-yield account designed to serve as a replacement for traditional business bank accounts and integrated directly with the Brex corporate card. This product allowed startups to earn interest on idle cash while maintaining seamless connectivity to their spending tools, addressing a key pain point for fast-growing companies without established banking relationships. Later rebranded as the Brex Business Account, it marked Brex's entry into services, broadening its platform beyond credit cards to encompass comprehensive financial management. The company's growth accelerated amid a booming , fueled by substantial funding rounds. In June 2019, secured $100 million in a Series C extension round led by , achieving a of $2.6 billion and enabling rapid scaling of operations and product development. By April 2021, raised $425 million in a Series D round led by , pushing its valuation to $7.4 billion and supporting further innovations in spend management. These investments coincided with explosive customer acquisition, reaching 10,000 corporate customers by mid-2021, including a significant share of U.S. venture-backed startups. Key milestones underscored Brex's momentum during this period. The platform more than doubled its total payment volume from 2020 to , processing billions in transactions as adoption surged among high-growth firms. By , Brex had expanded its workforce to over 500 employees, reflecting the operational buildup needed to support its burgeoning user base. To enhance usability, Brex established early integrations with accounting software like and , automating expense exports and receipt matching to streamline financial workflows for customers.

Acquisitions, enterprise pivot, and challenges (2022)

In April 2022, acquired Pry Financials, a financial software startup, for $90 million to enhance its offerings with advanced budgeting, , and tools tailored for startups and founders. This move integrated Pry's modeling capabilities into 's platform, enabling users to perform sophisticated and without relying on spreadsheets. Shortly before the acquisition, on April 13, 2022, Brex launched Brex Empower, a new software platform designed for enterprise-scale spend management. Empower aimed to unify corporate cards, expense tracking, and compliance features, initially targeting larger organizations with complex financial needs, and secured early adoption from clients like . By June 2022, amid a broader tech sector slowdown characterized by rising interest rates and a sharp decline in funding, Brex announced a strategic pivot toward enterprise clients and VC-backed startups. On June 17, the company informed non-VC-funded small and medium-sized businesses (SMBs) that it would cease serving them, closing tens of thousands of accounts by August 15 to refocus resources on higher-growth segments. This shift was driven by the economic pressures of , where startup funding dropped over 50% year-over-year, straining Brex's core customer base of early-stage companies and prompting a reevaluation of its market positioning. Earlier in the year, on January 11, 2022, Brex raised $300 million in a Series D-2 extension round, led by Greenoaks Capital and Technology Crossover Ventures (TCV), achieving a $12.3 billion valuation. This funding supported product expansions like Empower but occurred just before the full impact of the tech downturn became evident. In October 2022, as the effects of the funding winter intensified— with global VC investment falling 47% from 2021 levels—Brex conducted its first major layoffs, cutting 136 employees or 11% of its workforce across all departments. The reductions were attributed to over-hiring during prior growth phases and the need to align costs with a more conservative revenue outlook amid customer churn from struggling startups. This restructuring followed the enterprise pivot and reflected broader challenges in the fintech sector, where high-growth firms faced scrutiny over profitability in a high-interest-rate environment.

Restructuring and leadership shifts (2023–2024)

In March 2023, Brex launched its integrated travel management system, Brex Travel, which combined booking, , and approvals into a single platform to streamline corporate travel operations. This followed earlier challenges, including layoffs in 2022 that reduced headcount by about 10% as a precursor to broader operational adjustments. Building on product refinements, Brex introduced Brex AI in September 2023, an automation tool designed to assist with expense categorization, receipt matching, and workflow approvals to reduce manual processing for employees. Facing stalled growth amid economic pressures, Brex conducted its second major in January 2024, cutting approximately 20% of its workforce, or 282 employees, to streamline operations and prioritize profitability. These reductions targeted non-core functions and management layers, reflecting a shift toward efficiency after rapid expansion. In June 2024, Brex transitioned from a co-CEO structure to a single CEO model, with co-founder Pedro Franceschi assuming the role of sole CEO and Henrique Dubugras moving to chairman of the board, a change intended to unify and prepare for an . This restructuring emphasized a "founder mode" approach, involving deeper co-founder oversight in product strategy and operations to accelerate decision-making and innovation. By late 2024, Brex's employee count had stabilized at around 1,200, following the layoffs and subsequent hiring focused on key areas like enterprise sales. Amid these internal shifts, the company achieved an annualized net revenue of $279 million in the fourth quarter of 2023, marking a 32% year-over-year increase primarily driven by adoption among large enterprises. Public statements from leadership in signaled preparations for a potential IPO in 2025, highlighting improved financial metrics and strategic realignment as key enablers.

International expansion and 2025 developments

In August 2025, Brex secured a Payment Institution license from the Dutch Central Bank, enabling the company to offer its spend management services directly to EU-based customers without requiring a U.S. entity. This regulatory approval marked Brex's formal entry into the , with initial onboarding of select customers beginning in the subsequent months and broader rollout planned across the region throughout 2026. The expansion extends Brex's operations to 30 countries in the EU, positioning it as one of the few finance platforms licensed in both the U.S. and , and includes forthcoming plans to launch in the UK. In September 2025, Brex launched support for payments on its platform, allowing customers to make instant balance payments using digital assets and becoming the first global corporate card issuer to enable such transactions. In October 2025, Brex announced a partnership with as the first global issuer to power B2B payments in , enhancing its integrations for enterprise clients. Throughout 2025, Brex accelerated its enterprise segment, achieving an 80% year-over-year revenue increase in that area while serving over 150 public companies, including notable clients such as Anthropic, Arm, Robinhood, ServiceTitan, Sonos, and Wiz. By mid-2025, the company reported more than 30,000 global customers spanning SMBs and enterprises, reflecting sustained growth in its user base. In January 2025, Brex closed a $235 million revolving credit facility led by Citi as the senior lender and TPG Angelo Gordon as a participating lender, aimed at supporting expanded corporate card issuance and global product scalability. The company's valuation remained at $12.3 billion as of late 2025, amid ongoing preparations for an , with CEO Franceschi indicating positive as a key milestone targeted for late 2025. These developments built on prior transitions, allowing renewed focus on global and . In November 2025, Brex released its Fall Release 2025, introducing AI agents for automating tasks such as filing reimbursements, along with over 25 upgrades to cards, accounting integrations, and other features to enhance spend management.

Acquisition by Capital One (2026)

On January 22, 2026, Capital One announced that it had entered into a definitive agreement to acquire Brex for $5.15 billion in a combination of cash and stock. The transaction is expected to close in the middle of 2026, subject to regulatory approvals and other customary closing conditions. Following the acquisition, Brex will operate as part of Capital One, with founder and CEO Pedro Franceschi continuing to lead Brex. As of February 7, 2026, the transaction has not yet closed.

Products and services

Corporate credit cards

Brex's corporate credit cards are designed specifically for startups and scaling businesses, offering no-collateral financing that evaluates eligibility based on company revenue or funding rather than personal credit scores or guarantees. These cards provide credit limits up to 20 times higher than traditional business cards, enabling greater spending flexibility without requiring founders to put personal assets at risk. The primary card type is the Brex Corporate Card, issued as a , which supports both physical and unlimited virtual cards for employees to facilitate secure, controlled spending. The rewards structure emphasizes high-value returns on common business expenses, with cardholders earning up to 7x points on rideshares, 4x points on flights and prepaid hotels booked through the Brex travel portal, and 3x points on restaurants. Points accumulate at 1x on all other purchases and can be redeemed flexibly for travel bookings, statement credits, cash back, or unique business rewards such as advertising credits or event offsites, with no expiration as long as the account remains active. This tiered system is tailored to support growth-oriented companies, particularly in tech and software sectors, by aligning rewards with operational needs like travel and mobility. Launched in June 2018 as the first corporate card targeted at startups, 's initial offering included unlimited virtual cards and real-time spend controls from day one, revolutionizing access to for early-stage companies often overlooked by banks. By 2020, enhanced its card suite with specialized options, such as extended payment terms for e-commerce businesses, further integrating virtual card capabilities for inventory and advertising spends to address challenges. These evolutions have maintained the card's core focus on scalability, with ongoing updates like authentication added in 2022 for enhanced security. Eligibility for the Brex Corporate Card requires businesses to be U.S.-incorporated with a valid (EIN), targeting startups and enterprises typically demonstrating at least $50,000 in cash balance or equivalent to qualify for meaningful limits. No personal credit checks or guarantees are needed, making it accessible for founders with limited personal . Approval involves reviewing business financials and, as of 2026, typically occurs within hours to a few days for qualified applicants, with many receiving decisions quickly and gaining immediate access to virtual cards upon approval—a key feature for startups and growth companies that aligns with 2026 industry trends toward faster business credit card approvals. The cards integrate seamlessly with Brex's platform via a robust , allowing companies to automate spend limits, create custom workflows, and enforce granular controls such as merchant restrictions or single-use limits. Expenses incurred on the Brex Corporate Card integrate with the platform's advanced tagging and project tracking features, enabling users to tag individual expenses with project codes, cost centers, or departments directly in the platform for effective project coding and class tagging. These features support automated categorization, real-time budget tracking by project, and synchronization of tracked data to accounting software such as QuickBooks and NetSuite. Fraud detection is powered by models that analyze real-time transaction data and log streams to generate risk scores, automatically locking cards on suspicious activity and notifying users via . This API-driven approach enables programmatic management, reducing manual oversight while enhancing security for high-volume enterprise use. By 2025, Brex's corporate cards have supported substantial business activity, contributing to the company's annualized revenue exceeding $700 million and serving over 30,000 customers, including major enterprises like and Robinhood. This scale underscores the cards' role in processing billions in annual spend, powering efficient financial operations for tech-driven organizations.

Spend and expense management

Brex's spend and platform provides tools for real-time tracking, enabling teams to monitor company-wide spending patterns through customizable dashboards and instant visibility into budgets. Automated receipt matching uses (OCR) technology to pair transactions with receipts in any language or , automatically generating memos and populating fields to streamline . Policy enforcement features allow administrators to set customizable spending controls by department, , or merchant category, automatically blocking out-of-policy transactions or routing them for approval without manual intervention. The platform operates through Brex Empower, offered in three tiers to suit different business sizes. The Essentials tier is free and includes core features like real-time reporting, accounting integrations, and bill pay for startups and growing companies. The Premium tier, at $12 per user per month, adds advanced capabilities such as multiple expense policies, dynamic approval workflows, AI-powered compliance audits, and multi-entity support for mid-sized scaling businesses. The Enterprise tier provides custom pricing with unlimited global entities, local card issuance, fully customizable implementations, and dedicated account management for large organizations. Key features extend to global card issuance for virtual and physical cards usable in over 100 countries, facilitating multi-currency spend management across international teams. In 2025, Brex entered the EU market, enabling local card issuance and region-specific compliance features. Vendor bill pay automates invoice processing by converting uploaded bills into payments via card, ACH, or wire, with built-in purchase order matching and approvals to ensure accuracy. Compliance tools support audits through automated document collection that adheres to IRS and local regulations, enabling continuous accounting closes with minimal manual effort. Brex provides various user roles with specific permissions tailored to manage spend and expenses effectively. The Bookkeeper role grants full access to accounting and reporting functions, including the ability to categorize, review, prepare, and export transactions; manage ERP integrations such as QuickBooks and Xero; and view and edit bills and vendors. Additionally, Bookkeepers can view policies and request spend limits if enabled. In 2023, Brex launched Brex AI, an enhancement that automates expense categorization by instantly reviewing and coding transactions based on company policies. It includes to monitor spend 24/7, flagging potential or unusual patterns for proactive intervention. The AI also delivers on-demand insights, such as spend breakdowns by category, supporting forecasting through real-time analytics rather than manual reporting. Brex supports detailed project-based expense management, automatically assigning departments, projects, and general ledger codes to transactions. Users can tag individual expense lines with project codes, cost centers, or departments directly in the platform, with support for allocation across multiple projects or accounts and automated tagging rules supplemented by AI-driven categorization suggestions. Real-time budget tracking is available by project or department. These features integrate with accounting software such as QuickBooks and NetSuite, enabling class or project tracking in statements, reports, and exports through custom field syncing. This makes Brex effective for businesses requiring granular project-level expense allocation and analysis. Competing platforms such as Ramp emphasize automated memos, GL code suggestions, and general categorization, whereas Brex provides explicit support for project dimensions. By 2025, Brex serves numerous companies for spend controls, demonstrating widespread adoption among enterprises for its workflow automation and compliance features. Integrations with systems like and Fusion Cloud ERP enable seamless transaction exports and custom field syncing for accounting automation, while Slack connectivity allows approvals and alerts directly within chat workflows. In 2025-2026, Brex's travel and expense management platform received strong positive reviews from users, earning an overall rating of 4.8/5 on G2 (1,503 reviews), 4.5/5 on Capterra (137 reviews), 9.1/10 on TrustRadius, and 4.4/5 on Gartner Peer Insights. Users frequently highlighted ease of use, automated expense tracking, real-time controls, seamless integration of virtual and physical corporate cards with reimbursements and travel booking powered by Spotnana, policy enforcement, budget tracking, and rewards redemption for bookings. However, some reviews noted criticisms including paywalled premium features, customer support delays on basic plans, occasional limitations in integrations or analytics, lack of certain advanced capabilities compared to competitors like Expensify, and eligibility restrictions.

Cash management and additional tools

Brex offers the Brex Business Account as a core component of its offerings, providing businesses with a high-yield option for holding idle . Funds in the account can earn up to 4.07% APY (as of 2025) when invested in government funds, with same-hour and no minimum balance or hidden fees required. The account also features extended FDIC coverage up to $6 million through a network of partner banks, distributing deposits across multiple institutions to exceed the standard $250,000 limit per bank. This structure allows startups and enterprises to manage treasury operations securely while maintaining accessibility for payments and transfers. The platform includes role-based access controls for the account, such as the Bookkeeper role, which grants read-only access to account balances, enables downloading statements and transaction reports (including details), and permits adding memos to transactions. Limitations include no ability to initiate or approve transfers or payments, no direct dashboard view of all transactions, and no account management capabilities. If toggled on, Bookkeepers can also use cards. In 2022, Brex acquired Pry Financials, integrating its financial modeling tools into the platform to enhance cash forecasting capabilities. Pry enables users to create scenario-based projections for cash runway, budgeting, hiring plans, and overall financial management, replacing manual spreadsheet processes with automated, founder-friendly software. The integration supports strategic planning by allowing companies to simulate various growth scenarios and track key metrics like burn rate in real time. Brex expanded its ancillary tools with the launch of its integrated travel management system in March 2023, providing end-to-end booking for flights, hotels, and other needs. The system enforces company policies directly during the search and booking process, ensuring compliance by flagging out-of-policy options and automating receipt collection and expense categorization upon return. This feature streamlines travel workflows, reduces manual approvals, and integrates seamlessly with Brex's broader expense platform for unified reporting. Additional tools include automated reimbursement processing for out-of-pocket expenses, where employees can submit requests via the for quick approval and , with options for mileage tracking and integration into systems. Brex also supports solutions, such as venture debt financing, to provide non-dilutive funding for growth without traditional equity trade-offs. Security measures underpin these cash management features, with Brex maintaining SOC 1 Type 2 and SOC 2 Type 2 compliance to ensure robust controls over financial data and operations. Access to the platform requires (MFA), adding an extra layer of protection against unauthorized entry, alongside device-specific authorizations for sign-ins.

Reception

Brex's spend management platform, encompassing corporate cards, expense tracking, and related tools, has received varied feedback from finance teams, with strengths in usability for growth-stage companies offset by limitations in other areas. Pros for finance teams:
  • Intuitive interface and ease of use for expense management.
  • Real-time insights, automated categorization, receipt matching, and reimbursement.
  • Customizable virtual/physical cards, spending limits, and budgeting tools.
  • No personal guarantee required; high limits for funded companies.
  • Low or no fees in many cases; strong integrations.
Cons for finance teams:
  • Best suited for startups/smaller teams; less ideal for large/complex organizations.
  • Credit limits and eligibility based on funding/performance.
  • Mixed customer service reviews (e.g., low Trustpilot score of 2/5).
  • Charge card requires full monthly payment.
  • Some users report limitations in scalability or specific features.
Overall, Brex is strong for streamlining finance operations in growth-stage companies but may require alternatives like Ramp for more mature teams.

Funding and finances

Investment rounds

Brex secured its initial seed funding of $7 million in April 2017 from and to support the company's founding and early product development. In April 2018, Brex raised $50 million in a at a $300 million valuation, led by , with participation from Y Combinator Continuity, Ribbit Capital, and co-founders and , to launch its corporate credit card product and scale operations. In October 2018, the company raised $125 million in a Series B round at a $1.1 billion valuation, led by Greenoaks Capital, , and IVP. Brex followed with a $100 million Series B extension in June 2019 at a $2.6 billion valuation, led by . In May 2020, Brex raised an additional $150 million in a Series C extension led by . Brex's Series D round in April 2021 raised $425 million at a $7.4 billion valuation, led by Tiger Global, with investors including , TCV, , and Durable Capital Partners, aimed at enhancing spend management tools and entering new markets. In January 2022, Brex completed a $300 million Series D-2 round at a $12.3 billion valuation, led by Greenoaks Capital and Technology Crossover Ventures (TCV), to fund acquisitions and pivot toward enterprise clients. In addition to equity funding, Brex obtained a $235 million revolving credit facility in January 2025 from Citi and to bolster cash management capabilities and lending services. By November 2025, Brex had raised approximately $1.2 billion in total equity from a roster of investors that includes , , and PayPal co-founders and .
RoundDateAmountLead Investor(s)Post-Money ValuationKey Purpose
SeedApril 2017$7 million, Not disclosedFounding and early development
Series AApril 2018$50 million$300 millionProduct launch and scaling
Series BOctober 2018$125 millionGreenoaks Capital, , IVP$1.1 billionScaling operations
Series B extensionJune 2019$100 million$2.6 billionProduct expansion and customer growth
Series C extensionMay 2020$150 millionNot disclosedFurther growth
Series DApril 2021$425 millionTiger Global$7.4 billionTool enhancements and market entry
Series D-2January 2022$300 millionGreenoaks Capital, TCV$12.3 billionAcquisitions and enterprise focus
Debt FacilityJanuary 2025$235 millionCiti, N/ACash management and lending

Valuation and revenue growth

Brex's valuation reached its peak of $12.3 billion following a $300 million Series D-2 funding round in January 2022, led by Greenoaks Capital. This marked a significant increase from its prior $7.4 billion valuation after a $425 million Series D round in April 2021. By late 2025, the company's valuation remained stable around this level, with activity implying a modest uplift relative to recent transactions as of October 2025. The company's revenue growth demonstrated resilience amid economic challenges, with full-year net revenue of approximately $215 million in 2022. By 2023, full-year revenue reached $319 million, up nearly 50% year-over-year. In Q4 2023, annualized revenue stood at around $279 million. Revenue accelerated further in 2024 to an estimated $500 million full-year, and by August 2025, annualized revenue climbed to $700 million, representing 50% year-over-year growth. Notably, the enterprise segment drove much of this momentum, with 80% year-over-year revenue growth reported in early 2025, fueled by customers such as , , and Robinhood. Brex's business model has evolved from heavy reliance on interchange fees—accounting for over 70% of early through card transaction processing—to a more balanced structure emphasizing SaaS subscriptions and premium services. By 2022, interchange fees still comprised more than half of , split between the company and issuing banks. As the platform expanded into spend and enterprise tools, SaaS-based seat fees and software subscriptions grew to represent over 50% of by 2025, supporting higher-margin recurring income. This shift aligned with a pivot toward larger enterprises, enhancing amid fluctuating transaction volumes. On the path to profitability, Brex achieved significant reductions in cash burn, dropping it by 82% year-over-year in through operational efficiencies and headcount adjustments. The company reached positivity in and targeted GAAP profitability ahead of a potential IPO, with full breakeven expected by mid-2025. The approximately $1.2 billion in total equity funding raised has enabled to serve over 30,000 customers and process more than $100 billion in cumulative spend volume since . This capital infusion supported product development and market expansion, contributing to the company's . Amid the 2022-2023 economic downturn, demonstrated resilience by maintaining growth trajectories and adapting its focus to high-value enterprise clients, positioning it for a strong rebound in 2025.

Leadership and operations

Executive team

Brex's executive team is led by co-founder Pedro Franceschi as sole CEO since June 2024, following the transition from a co-CEO model with Henrique Dubugras. Franceschi, a Brazilian immigrant from Rio de Janeiro who briefly attended before dropping out, oversees product development and company operations as a Y Combinator W17 alumnus. As a fintech entrepreneur, Franceschi set out to modernize corporate finance for high-growth companies, partnering with Henrique Dubugras after immigrating to the U.S. from Brazil to launch Brex in 2017, initially targeting startups underserved by traditional banks that often required personal guarantees for credit. He later steered the company upmarket, expanding into software-driven spend management, treasury tools, and global payments for large enterprises. Known for emphasizing product velocity and bold strategic pivots, Franceschi has positioned Brex as a comprehensive financial operating system for modern businesses. His emphasizes accelerating growth and enterprise adoption, with Brex achieving significant momentum in 2024 under his direction. Henrique Dubugras serves as board chair, having co-founded Brex in 2017 after successfully building and exiting Pagar.me, a Brazilian payments company, in his teens. Also a Brazilian immigrant and former Stanford student, Dubugras now focuses on long-term strategy, partnerships, and preparing for a potential 2025 IPO. Ben Gammell, who joined in early 2018, holds the dual role of president and CFO, leading finance, growth initiatives, and IPO preparations. With prior experience in at and at , Gammell has been instrumental in navigating challenges like the 2023 banking crisis and enhancing financial controls. Cosmin Nicolaescu served as CTO until early 2024, when he transitioned to an advisory role. Previously, he led global engineering at Stripe, scaling the team from 100 to over 1,400 employees and building high-volume payment systems. James Reggio was promoted to VP of Engineering in January 2024 following Nicolaescu's transition and later became CTO in 2025, now overseeing engineering and technology infrastructure to support scalable fintech operations. Other key executives include Erica Dorfman as EVP of Global Financial Products (formerly SVP of ), who drives card and banking product strategy with a background in capital markets at and operations at Tally. In a significant refresh for IPO readiness, six of CEO Franceschi's seven direct reports were appointed or promoted in , reflecting a focus on experienced talent to stabilize and scale operations. The team's composition highlights a young, immigrant-led dynamic, with both founders in their late 20s hailing from and emphasizing rapid innovation in .

Company culture and workforce

Brex maintains a remote-first work environment, established following the shift to distributed operations in 2021 amid the , with employees supported by a $200 monthly for home office enhancements. The company operates from its headquarters in , , at 270 Brannan Street, where it leased approximately 100,000 square feet of office space in 2025 to facilitate in-person collaboration alongside , with employees beginning to occupy the space in 2025. Additional hubs include , Canada, opened in 2020 as Brex's first international office focused on and , enabling a global workforce distributed across multiple continents. As of 2025, employs around 1,100 people, a figure reflecting stabilization after workforce reductions, including an 11% cut of 136 positions in October 2022 and a 20% reduction of 282 roles in January 2024, which impacted employee as noted in internal reviews. To address these challenges and foster recovery, CEO Franceschi communicated in October 2025 that "the turnaround is over," signaling a return to growth-focused operations and renewed ambition. Central to Brex's culture is the "founder mode" initiative launched in early 2024, which emphasizes agility, ownership, and rapid iteration by streamlining under a single roadmap led directly by the CEO, enabling faster product development and operational efficiency. This approach aligns with broader cultural pillars promoting a "builder" mindset, where employees are encouraged to act as owners, with reinforcing high standards through intense work and . The company prioritizes internal promotions, viewing them as a core value to cultivate future leaders from within, including significant elevations across , , and other functions in 2024. Employee benefits underscore Brex's commitment to well-being and equity, including unlimited paid time off for full-time staff, equity grants available to all employees, and . support is provided through partnerships with Spring Health for therapy and psychiatry access, as well as Calm app memberships, initiatives that build on earlier efforts like the 2022 program to normalize discussions. Brex also invests in diversity and inclusion, maintaining programs to build a diverse and support underrepresented talent, with a DEI rating of 4.2 out of 5 from employee feedback, indicating ongoing efforts to broaden representation.

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