Headquarters: Draper, Utah
Brex is a corporate card and spend management solution that helps drive 100% compliance with 0 receipt chasing in 100+ countries. Brex is easy to use and loved by the whole team, from founders to CFOs to accountants and employees. We make it easy to manage every aspect of spending, from the smallest purchases to the biggest procurements, no matter where employees live and work. Brex proudly serves tens of thousands of growing businesses, from early-stage startups to enterprise leaders, including many of the world's most iconic brands.
Brex offers a full suite of products for startups and enterprises. These products include spend management, corporate cards, rewards, business accounts, integrations, financial modeling, and venture debt.
Brex delivers a modern spend management solution. Brex helps controllers and managers by providing real-time visibility and accountability across global spending, breaking down silos of separate systems, and giving accounting teams more automation and accuracy. Brex allows employee spending to be easy by providing auto-generated receipts and making it easy to understand the policy and purpose for expenses, across cards, reimbursements, and bill pay — with amounts shown in USD and local currency.
Brex provides a new all-inclusive corporate credit card. Brex’s corporate credit cards provide built-in expense management, mobile/online management, and unlimited virtual and physical cards, protected by chip and PIN in 100+ countries, the ability to auto-sync financial data and set up automated onboarding and payments with their plug-n-play integrations with QuickBooks, NetSuite, Rippling, etc., and rewards.
Brex recently changed its criteria for its corporate credit card eligibility: (1) Revenue: $1+ million per year in revenue; (2) Cash: $500,000+ in cash; (3) Size: 50+ employees; (4) Equity Investment: Any amount from an accelerator, angel, venture capital, or web3 token; (5) Referral: Tech startups on a path to meeting these criteria and are referred by an existing customer or partner.
Brex rewards are designed to help founders at every stage of growth. As the Company built Brex’s rewards program, it spoke with founders to understand their needs at various stages in their startup's lifecycle and the role that Brex rewards could play in helping founders and startups as they scale.
Brex allows business to choose their rewards, such as redeeming points for billboards, coaching, retreat planning, statement credit, mental healthcare, travel points, cryptocurrency, and even sending aid to Ukraine.
Brex offers best-in-class point multipliers based on the merchant category of the transaction. 1x = 1 point earned for every dollar spent. Brex points are uncapped and never expire.
Customers with a Brex Cash account that make daily payments on their card earn the highest rewards: 8x on rideshare, 5x on Travel, 4x on restaurants, 3x on eligible Apple purchases through the Brex Rewards Portal, 1.5x on ads, and 1x on everything else.
Brex Exclusive is a rewards status that gives you access to the highest multipliers available, automatically applied to your account when you make Brex the exclusive corporate card for your business. A company with a Brex account in good standing that uses and commits to continue to use Brex corporate cards for all its company-related card purchases may be permitted to participate in the Brex Exclusive rewards program. Eligibility is determined on a rolling, monthly basis.
Brex does not charge fees or interest on Brex cards. Instead, they simply receive a small fee from the merchant for each purchase a company makes with their card.
Brex’s business accounts store funds securely in a Brex account that’s FDIC-insured up to $1 million and provides easy management of card expenses with built-in software. Brex business accounts allow customers to send global ACH and wires from anywhere, use mobile financial management, track cash across multiple accounts, pay bills automatically, and make informed decisions with quick insights.
Brex provides thousands of integrations to automate workflows. Brex integrates with all the company’s existing software so they can manage their business with ease from one place. Brex’s integrations boost efficiency with auto-categorized expense data, smoother payroll, and built-in alerts.
Brex connects with the top 35 HR and identity platforms to automatically issue cards and adjust spending amounts when employees join, switch roles, or leave.
Brex enables continuous reconciliation, automatically syncing customers’ Brex data across systems in real-time. Using the most current data, the company’s finance teams can make more informed decisions.
Brex’s financial modeling allows companies to plan for various financial scenarios and create interactive dashboards backed by real-time financial data.
Brex’s venture debt offers founder-friendly financing and a unique strategic partnership. Brex’s venture debt is designed for early-stage, venture-backed technology companies with a product market fit, recurring revenue base, and scalable business model.
In early 2022, Brex announced it is making a “big push” into software, which means its revenue generation will be more diversified as it will now be making money off recurring revenue from subscriptions to its software, in addition to interchange fees. Brex is also placing greater emphasis on moving upmarket to serve larger customers.
According to TechCrunch, Brex saw 100% year-over-year growth in 2021. The company is still focused on growth and not yet profitable.
Brex’s Series D2 financing will be used to bolster Brex’s product, which is the only corporate payments solution that can be customized for specific business verticals. With this new capital, Brex will be expanding its corporate spend management features and rewards offerings, while also expanding its services to a broader customer audience.
By offering a distinct combination of payment terms, underwriting, rewards offerings, and product features to specific customer segments within the business landscape, Brex is challenging the financial services industry status quo.
In October 2022, Brex announced its partnership with AngelList to help founders effortlessly manage their corporate card and spend within AngelList Stack — a suite of tools that allows founders to manage their company’s incorporation, cap table, fundraising, and employees all in a single location. “By integrating with AngelList, we’re thrilled to now be positioned to help founders scale from MVP to IPO and beyond even faster,” said CEO Henrique Dubugras.
In November 2022, Brex announced its partnership with Techstars, a global investment business that provides access to capital, one-on-one mentorship, and customized programming for early-stage entrepreneurs. As part of the partnership, Brex has joined Techstars’ global network of partners and will offer aspiring founders and early-stage entrepreneurs exclusive resources to help them scale their businesses.
In March 2023, Brex announced it will be launching advanced AI-powered tools for CFOs and their teams, all built using advanced machine learning and natural language processing technology from OpenAI, an AI research and deployment company.
In March 2023, Brex announced Brex travel, a premium travel management experience that delivers comprehensive booking and management capabilities, all in the Brex dashboard and mobile app, with unbiased global inventory, self-service trip changes, and 24/7 agent support.
According to Bloomberg as of May 2023, Brex's firmwide annual recurring revenue is approximately $500 million, a ~50% increase year-over-year. The company has surpassed $100 million in annual recurring revenue for both its business accounts unit and Empower, its spend management business. Brex’s cash management accounts have continued to grow in part because it’s able to insure up to $6 million in deposits. Co-CEO Dubugras told Bloomberg that Brex could become profitable within two years, and the company has no intention of raising more venture capital this year.
In April 2023, Brex's Chief Product Officer (CPO), Karandeep Anand, was recognized as one of the top CPOs in the second annual Global CPO 20. The highly coveted award celebrates the most influential and innovative CPOs making critical decisions at product-driven organizations across the globe and recognizes the growing impact of the CPO now and in the future. It is presented by Products That Count in partnership with Capgemini and Mighty Capital.
In May 2023, Brex announced new global capabilities that significantly expand its ability to support US multinational businesses operating in Brazil, Canada, Israel, Japan, Mexico, Singapore, South Africa, the Philippines, 36 European countries, and more.
In May 2023, Brex announced significant momentum and growth of two of its products—Empower™, Brex’s spend management platform, and Brex business accounts. In its one year since launch, Empower has been adopted by some of the largest and most innovative companies. Leading enterprises like Coinbase, DoorDash, Generations Healthcare, Indeed, Lemonade, SeatGeek, TuSimple, and more are using Empower to control their spend, close the books faster, automate compliance and keep their teams on budget globally. Since implementing Empower, customers have, on average, attained a 145% increase in overall spend compliance and are saving 400 hours every month when closing the books with Brex’s industry-leading accounting automation. Managers have also achieved a tenfold reduction in the amount of time it takes to review expenses.
In June 2023, Brex was included in the third-annual TIME100 Most Influential Companies list. The list highlights companies making an extraordinary impact around the world, and solidifies Brex as the leader in the spend management and corporate card space.
In June 2023, Brex announced that Jason Mok has joined Brex to support the firm’s commitment to serving startups and their founders. Coming from venture firm Andreessen Horowitz, Mok joins at a pivotal time for startups and Brex as more founders than ever have been turning to the Brex to help manage their financial operations, build community, and grow their business. Mok, who is based in the Bay Area, is tasked specifically with helping startups navigate both today’s macroeconomic environment and the recent banking crises, as well as the promises of exciting technologies like generative AI.
In August 2023, Brex launched Brex payables — an AI-enabled Accounts Payable (AP) solution, combining enhanced bill pay capabilities and purchase cards. Brex payables offers the controls required by an AP team to manage procurement spend seamlessly across invoices and purchase cards, with the flexibility sought by employees for business spend. The product leverages AI across the lifecycle of an invoice, from receiving and matching to approving and coding, offering unprecedented real-time visibility and control of expenses globally, across all payment types: card, ACH, and wire. And combined with Live Budgets, Brex’s pre-approved spend controls, Brex payables can enforce bespoke expense policies, per vendor or project, and track budgeted versus actuals in real time.
In August 2023, Brex announced that Scott Holden has joined as the company’s Chief Marketing Officer. With more than 15 years of marketing experience, Holden joins Brex most recently from ThoughtSpot, the AI-powered analytics software company, where he served as Chief Marketing Officer for nearly nine years. In that time, Scott scaled the marketing organization from $0 to over $150M in software revenue. He built a dynamic marketing team to drive demand across all business segments and attract enterprise customers from the Fortune 500 and many of the world’s most innovative brands. Prior to joining ThoughtSpot, Holden spent seven years at Salesforce leading multiple marketing teams across the Salesforce Platform, Sales Cloud, Chatter, Industry Marketing, Customer Marketing, and Community.
In August 2023, Brex launched group events — an expansion of Brex travel that enables businesses to create and manage large scale, group corporate events for employees. With this launch, Brex is the first and only T&E solution with a native travel experience that allows companies to book and manage events, travel, offsites, and more for globally distributed teams of any size with an unlimited number of attendees.
In September 2023, Brex announced the launch of Brex Assistant, a first-of-its-kind, proactive assistant that simplifies expense management for employees and improves their productivity. Brex Assistant is the flagship product of Brex AI, a suite of capabilities that transform spend management to enable unprecedented levels of efficiency, compliance, and accuracy.
In November 2023, according to The Information, in the third quarter, the company had annualized net revenue of $283 million, a metric that projects annual revenue based on the most recent monthly amount. “We churned a huge amount of business that was unprofitable. We do anticipate that net revenue growth is going to accelerate now for the next few quarters and just keep accelerating,” said Henrique Dubugras, founder and co-CEO of Brex. Brex executives have told employees this year they’ve targeted 2025 for a potential initial public offering.