Brex is a credit card company that issues corporate credit cards to technology companies in the United States.
Brex is building the next generation of B2B financial services with better tech and without the restrictions of legacy technology. It help startups of all sizes (from recently incorporated to later-stage companies) to instantly get a card that has 20x higher limits, completely automates expense management, kills receipt tracking and magically integrates with their accounting systems.
Brex was founded in 2017 by Henrique Dubugras and Pedro Franceschi. The company is headquartered in San Francisco, California.
Brex determines the creditworthiness of a business by evaluating its cash flow, spending patterns and financial backing, rather than the applicant’s own credit history.
Brex’s method of evaluating potential cardholders allows it to offer dynamic credit limits that rise along with a business’s cash flow.
Brex’s credit model updates in real time, so if a company depletes most of its cash in a given month, the credit limit on the card will be reduced until there’s more cash in the bank account.
Brex is backed by the co-founders of PayPal (Max Levchin and Peter Thiel), GMV, Kleiner Perkins, Barclays Investment Bank, Credit Suisse, Y Combinator, Ribbit Capital, Yuri Milner, and Carl Pascarella (former CEO of Visa). It has acquired Elph Network in Mar 20, 2019. The company received $200M in debt financing on Dec 11, 2019. This new round brings Brex's total funding to $615M ($315M in Equity financing and $300M in Debt financing)
Brex was valued at a whooping $2.6B, in it's latest "Series C" funding of a $100M in June 11, 2019. The company was previously valued at a $1.1B on Oct 05, 2018, which made them one of the fastest company ever to become a unicorn.