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Brex
Finance and technology company From Wikipedia, the free encyclopedia
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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]
 | This article's tone or style may not reflect the encyclopedic tone used on Wikipedia. (February 2020) |
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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 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.[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]
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Growth
Brex Inc. is backed by Peter Thiel, Ribbit Capital, Y Combinator, DST Global, Kleiner Perkins, Lone Pine Capital, and Greenoaks.[17][18][19][20][21][6]
References
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