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, DST Global, Lone Pine Capital, Barclays Investment Bank, Credit Suisse, Y Combinator, Ribbit Capital and others. The company raised $150M in a Series C extension on May 19, 2020. This brings Brex's total funding to $765M to date.
Brex was valued at a whooping $2.6B from its Series C round of funding on 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. Brex has also acquired Elph Network in Mar 20, 2019.