Brex

Brex Inc is an American financial service and technology company based in San Francisco, California.[1] Brex offers business credit cards and cash management accounts to technology companies.[2] 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.[3] Emigrant Bank issues the Brex cards.[4]

Brex
Brex Inc.
TypePrivate
IndustrySpecialty Finance
FoundedJanuary 3, 2017
FoundersHenrique Dubugras
Pedro Franceschi
HeadquartersSan Francisco, CA
Key people
  • Henrique Dubugras
  • (Co-CEO)
  • Pedro Franceschi
  • (Co-CEO)
Websitebrex.com

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.[5][6]

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 about 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.[7]

Growth

Brex Inc. is backed by Ribbit Capital, Y Combinator, DST Global, Kleiner Perkins, Lone Pine Capital, and Greenoaks.[8]

Funding history
DateFunding RoundMoney RaisedPre-Money Valuation
Mar 20, 2017Pre Seed Round$120kN/A
Apr 1, 2017Series A$7MN/A
Jun 19, 2018Series B$50MN/A
Oct 5, 2018Series C$125M$975M
Apr 16, 2019Debt Financing$100MN/A
Jun 11, 2019Series C$100M$2.5B
Dec 11, 2019Debt Financing$200MN/A
May 19, 2020Series C$150M$2.9B
Apr 26, 2021Series D$425M$7.4B

References
  1. "Brex". Growjo. Retrieved 19 November 2020.
  2. "Brex Small Business Card: If Square Could Work, Is There Potential Here?". PaymentsJournal. 2018-06-19. Retrieved 2019-11-19.
  3. http://upgradepoints.com/brex. Retrieved 19 December 2019
  4. http://www.brex.com. Retrieved 19 December 2019
  5. "F-1". www.sec.gov. Retrieved 2019-11-19.
  6. 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)
  7. "Brex applies for bank charter, taps former Silicon Valley Bank exec as CEO of Brex Bank". TechCrunch.{{cite news}}: CS1 maint: url-status (link)
  8. Kruppa, Miles (2021-04-02). "Publicity-shy VC firm Greenoaks has bumper year". Financial Times. Retrieved 2021-10-26.


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