Brex
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| Brex Inc. | |
| Company type | Private |
| Industry | Specialty Finance |
| Founded | January 3, 2017 |
| Founders | Henrique Dubugras Pedro Franceschi |
| Headquarters | San Francisco, CA |
Key people |
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Number of employees | 1,100[1] |
| Website | brex |
Brex Inc is an American financial service and technology company based in San Francisco, California.[2] Brex offers business credit cards and cash management accounts to technology companies.[3] 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.[4] Emigrant Bank issues the Brex cards.[5]
History
Brex was founded by Brazilians Henrique Dubugras and Pedro Franceschi on January 3, 2017. They had previously founded online payments company, Pagar.me, before selling it to Stone.[6][7]
Brex did not start as a fintech startup but rather as a VR startup, however the founders pivoted the company three weeks into Y Combinator's 12-week accelerator program.
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 industrial bank named Brex Bank, a wholly-owned subsidiary of Brex.[8]
In April 2022, Brex launched Brex Empower, a financial software platform to help people comply with their employers' expense policies.[9] In June 2022, Brex exited the SMB market, shifting the company's focus to serving enterprise customers.[10] In August 2022, Brex named Doug Adamic as the company's new Chief Revenue Officer.[11]
Growth
Brex Inc. is backed by Ribbit Capital, Y Combinator, DST Global, Kleiner Perkins, Lone Pine Capital, and Greenoaks.[12]
| Date | Funding Round | Money Raised | Pre-Money Valuation |
|---|---|---|---|
| Mar 20, 2017 | Pre Seed Round | $120k | N/A |
| Apr 1, 2017 | Series A | $7M | N/A |
| Jun 19, 2018 | Series B | $50M | N/A |
| Oct 5, 2018 | Series C | $125M | $975M |
| Apr 16, 2019 | Debt Financing | $100M | N/A |
| Jun 11, 2019 | Series C | $100M | $2.5B |
| Dec 11, 2019 | Debt Financing | $200M | N/A |
| May 19, 2020 | Series C | $150M | $2.9B |
| Apr 26, 2021 | Series D | $425M | $7.4B |
References
- ^ "Brex is 'less suited to meet the needs of smaller customers'". 17 June 2022.
- ^ "Brex". Growjo. Retrieved 19 November 2020.
- ^ "Brex Small Business Card: If Square Could Work, Is There Potential Here?". PaymentsJournal. 2018-06-19. Retrieved 2019-11-19.
- ^ "Home". upgradepoints.com. Retrieved 19 December 2019.
- ^ www.brex.com http://www.brex.com. Retrieved 19 December 2019.
{{cite web}}: Missing or empty|title=(help)Template:SemiBareRefNeedsTitle - ^ "F-1". www.sec.gov. Retrieved 2019-11-19.
- ^ www.sec.gov https://www.sec.gov/Archives/edgar/data/1745431/000095010319003973/dp104113_6ka.htm. Retrieved 2019-11-19.
{{cite web}}: Missing or empty|title=(help) - ^ "Brex applies for bank charter, taps former Silicon Valley Bank exec as CEO of Brex Bank". TechCrunch.
{{cite news}}: CS1 maint: url-status (link) - ^ Azevedo, Mary Ann (2022-04-13). "Fintech Brex bets big on software, lands DoorDash as a customer". TechCrunch. Retrieved 2022-09-22.
- ^ Lawler, Ryan (2022-06-17). "Scoop: Brex exiting SMB market to focus on enterprise customers". Axios. Retrieved 2022-09-22.
- ^ Brex. "Brex Names Doug Adamic as Chief Revenue Officer". www.prnewswire.com. Retrieved 2022-09-22.
- ^ Kruppa, Miles (2021-04-02). "Publicity-shy VC firm Greenoaks has bumper year". Financial Times. Retrieved 2021-10-26.
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