Brex Inc is an American financial service and technology company based in

San Francisco San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...

, California. Brex offers business credit cards and Cash Management Accounts to technology companies. Brex cards are business

charge card A charge card is a type of credit card that enables the cardholder to make purchases which are paid for by the card issuer, to whom the cardholder becomes indebted. The cardholder is obligated to repay the debt to the card issuer in full by the ...

s, 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.

Emigrant Bank Emigrant Bank (formerly Emigrant Savings Bank) is a private American financial institution. It is the oldest savings bank in New York City and it was the ninth-largest privately owned bank in America in 2012, with assets of $8.1 billion. As of June ...

issues the Brex cards.

History

Brex was founded by

Brazilians Brazilians ( pt, Brasileiros, ) are the citizens of Brazil. A Brazilian can also be a person born abroad to a Brazilian parent or legal guardian as well as a person who acquired Brazilian citizenship. Brazil is a multiethnic society, which me ...

Henrique Dubugras and Pedro Franceschi on January 3, 2017. They had previously founded online payments company, Pagar.me, before selling it to Stone. Brex did not start as a

fintech Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing, and big data are r ...

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 a submission application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish industrial

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

named Brex Bank, a wholly-owned

subsidiary A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a s ...

of Brex. In April 2022, Brex launched Brex Empower, a financial software platform to help people comply with their employers' expense policies. In June 2022, Brex exited the SMB market, shifting the company's focus to serving enterprise customers. In August 2022, Brex named Doug Adamic as the company's new Chief Revenue Officer.

Growth

Brex Inc. is backed by

Ribbit Capital Ribbit may refer to: * Onomatopoeia for the sound that a frog makes. * Ribbit (Pillow Pal), a plush toy frog made by Ty, Inc. * Ribbit (telecommunications company), a telecommunications company based in Mountain View, California, acquired by BT Gr ...

Y Combinator Y Combinator (YC) is an American technology startup accelerator launched in March 2005. It has been used to launch more than 3,000 companies, including Airbnb, Coinbase, Cruise, DoorDash, Dropbox, Instacart, Quora, PagerDuty, Reddit, Str ...

DST Global DST Global is a venture capital and private equity firm that primarily invests in late-stage internet companies. DST Global has been described as one of the largest and most influential venture firms in the world, with an estimated $50 billion in ...

Kleiner Perkins Kleiner Perkins, formerly Kleiner Perkins Caufield & Byers (KPCB), is an American venture capital firm which specializes in investing in incubation, early stage and growth companies. Since its founding in 1972, the firm has backed entrepreneurs ...

Lone Pine Capital Lone Pine Capital is an American-based hedge fund and investment advisor headquartered in Greenwich, Connecticut, established in 1997 by its president and portfolio manager, Stephen Mandel. The firm has offices in London, New York City, and San F ...

, and Greenoaks.

References

Privately held companies based in California Financial services companies established in 2017 American companies established in 2017 Companies based in San Francisco Y Combinator companies {{US-company-stub