Wallets/brex
Brex
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Overview
Brex is US business banking + corporate card fintech + ~25,000 businesses + $700M annualized revenue + Q1 2025 enterprise revenue grew 70% + enterprise net revenue retention exceeded 130% + operating-cash-flow positive Oct 2025 + Capital One $5.15B acquisition announced [1, 2, us-cro]. 2025 baseline: Brex ~25,000 businesses + $700M annualized revenue (+30% YoY) + operating-cash-flow positive Oct 2025 (first time); Capital One $5.15B acquisition announced (58% contraction from 2021 peak $12.3B valuation) distinctive US business banking + corporate card fintech bank acquisition; Q1 2025 enterprise revenue grew 70% + enterprise net revenue retention exceeded 130% distinctive US business banking + corporate card fintech enterprise growth.
Distinctive Brex positioning:
- US business banking + corporate card fintech (Brex Inc.; brex.com)
- ~25,000 businesses distinctive US business banking + corporate card fintech scale
- $700M annualized revenue (+30% YoY) distinctive US business banking + corporate card fintech revenue scale
- Q1 2025 enterprise revenue grew 70% + enterprise net revenue retention exceeded 130% distinctive US business banking + corporate card fintech enterprise growth
- Operating-cash-flow positive Oct 2025 (first time) distinctive US business banking + corporate card fintech profitability milestone
- Capital One $5.15B acquisition announced (58% contraction from 2021 peak $12.3B valuation) distinctive US business banking + corporate card fintech bank acquisition
- 2017 Brex founding by Henrique Dubugras + Pedro Franceschi (both Brazilian fintech founders post-Pagar.me success) distinctive US business banking + corporate card fintech Brazilian founder heritage
History
2017 — Brex founded by Henrique Dubugras + Pedro Franceschi (both Brazilian fintech founders post-Pagar.me success) as US business banking + corporate card fintech.
2018 — Brex corporate card launches as US business banking + corporate card fintech for startups.
2021 — Brex peak $12.3B valuation during fintech bubble.
Q1 2025 — Brex enterprise revenue grew 70% + enterprise net revenue retention exceeded 130% + Brex reached $700M in annualized revenue, growing 30% year-over-year.
Oct 2025 — Brex became operating-cash-flow positive for the first time.
Mar 2026 — Capital One announces $5.15B acquisition of Brex (58% contraction from 2021 peak $12.3B valuation) [1, 2, 3].
Ownership & operator
Operating entity: Brex Inc. (privately-held; pre-Capital One $5.15B acquisition announced; peak $12.3B valuation 2022).
Major shareholders: Henrique Dubugras (co-founder + co-CEO) + Pedro Franceschi (co-founder + co-CEO) + DST Global + Tiger Global Management + Lone Pine Capital + Y Combinator + Greenoaks + Ribbit Capital + Madrone Capital Partners + venture capital investors + post-Capital One $5.15B acquisition announced.
Regulators: FDIC + OCC (via partner banks Column N.A. + JPMorgan Chase Bank N.A. + others).
Technical integration
Brex mobile app (iOS + Android) + brex.com online + Brex Mastercard corporate card + Brex Cash debit card + Brex Card; ACH + RTP + Fedwire + SWIFT; US business banking + corporate card fintech using partner-issued banking model via Column N.A. + JPMorgan Chase Bank N.A. + others distinctive US business banking + corporate card fintech BaaS model.
Users & growth
2025: Brex ~25,000 businesses + $700M annualized revenue (+30% YoY) + Q1 2025 enterprise revenue grew 70% + enterprise net revenue retention exceeded 130% + operating-cash-flow positive Oct 2025 (first time).
Use cases
US + international (CA + GB + MX + BR) retail + private + business + startup + enterprise + corporate card + spend management banking via Brex mobile + brex.com online + Mastercard corporate card + Brex Cash debit card + Brex Card; ACH + RTP + Fedwire + SWIFT; US business banking + corporate card fintech using partner-issued banking model via Column N.A. + JPMorgan Chase Bank N.A. + others distinctive US business banking + corporate card fintech BaaS model.
Implementations & partners
Operator: Brex Inc. (privately-held; pre-Capital One $5.15B acquisition announced; peak $12.3B valuation 2022); Henrique Dubugras (co-founder + co-CEO) + Pedro Franceschi (co-founder + co-CEO) + DST Global + Tiger Global Management + Lone Pine Capital + Y Combinator + Greenoaks + Ribbit Capital + Madrone Capital Partners + venture capital investors + post-Capital One $5.15B acquisition announced.
Partner banks: Column N.A. + JPMorgan Chase Bank N.A. + others distinctive US business banking + corporate card fintech BaaS model.
Capital One acquisition partnership: Capital One announces $5.15B acquisition of Brex (58% contraction from 2021 peak $12.3B valuation) distinctive US business banking + corporate card fintech bank acquisition.
Major US business banking + startup banking + spend management competitors: [[mercury]] (US business banking fintech for startups + small businesses; ~200,000 companies and individuals served; $5.2B valuation post-May 2026 $200M Series D; 75 NPS) + [[ramp]] (US business spend management startup; ~50,000+ customers + 2,200+ enterprise customers; $1B+ annualized revenue + $32B valuation Nov 2025) + [[novo]] (US business banking fintech for SMBs) + [[bluevine]] (US business banking fintech for SMBs) + [[lili-bank]] (US business banking fintech for freelancers + small business) + [[grasshopper-bank]] (US business banking + nationally chartered banking for startups) + [[silicon-valley-bank]] (US SVB; First Citizens BancShares post-Mar 2023 collapse acquisition).
Regulators: FDIC + OCC (via partner banks).
Fun facts
- US business banking + corporate card fintech (Brex Inc.; brex.com).
- ~25,000 businesses distinctive US business banking + corporate card fintech scale.
- $700M annualized revenue (+30% YoY) distinctive US business banking + corporate card fintech revenue scale.
- Q1 2025 enterprise revenue grew 70% + enterprise net revenue retention exceeded 130% distinctive US business banking + corporate card fintech enterprise growth.
- Operating-cash-flow positive Oct 2025 (first time) distinctive US business banking + corporate card fintech profitability milestone.
- Capital One $5.15B acquisition announced (58% contraction from 2021 peak $12.3B valuation) distinctive US business banking + corporate card fintech bank acquisition.
- 2017 Brex founding by Henrique Dubugras + Pedro Franceschi (both Brazilian fintech founders post-Pagar.me success) distinctive US business banking + corporate card fintech Brazilian founder heritage.
Comparison
| Feature | Brex | [[mercury]] (US business banking fintech rival; ~200,000 companies served; $5.2B valuation post-May 2026 $200M Series D) | [[ramp]] (US business spend management startup rival; ~50,000+ customers; $32B valuation Nov 2025) | [[novo]] (US business banking fintech for SMBs rival) | [[bluevine]] (US business banking fintech for SMBs rival) |
|---|---|---|---|---|---|
| Operator | Brex Inc. (privately-held; pre-Capital One $5.15B acquisition announced; peak $12.3B valuation 2022) | Mercury Technologies Inc. (privately-held; $5.2B valuation post-May 2026 $200M Series D) | Ramp (privately-held; $32B valuation Nov 2025) | Novo Platform Inc. (privately-held) | BlueVine Capital Inc. (privately-held; Coatue + Lightspeed + 83North investors) |
| Type | ~25,000 businesses + $700M annualized revenue (+30% YoY) + Q1 2025 enterprise revenue grew 70% + enterprise net revenue retention exceeded 130% + operating-cash-flow positive Oct 2025 (first time) + Capital One $5.15B acquisition announced (58% contraction from 2021 peak $12.3B valuation) | ~200,000 companies and individuals served + 75 NPS (vs 34 industry average) + Used by more than half of all Y Combinator cohorts + $5.2B valuation post-May 2026 $200M Series D + Mercury makes consumer banking push 2025 | ~50,000+ customers + 2,200+ enterprise customers (+133% YoY) + $1B+ annualized revenue + $100B+ annual purchase volume + $32B valuation Nov 2025 | US business banking fintech for SMBs | US business banking fintech for SMBs + Coatue + Lightspeed + 83North investors |
| Country | US + CA + GB + MX + BR | US | US | US | US |
| Distinctive | 2017 Brex founding by Henrique Dubugras + Pedro Franceschi (both Brazilian fintech founders post-Pagar.me success); 2018 Brex corporate card launch; 2021 Brex peak $12.3B valuation during fintech bubble; Q1 2025 enterprise revenue grew 70%; Oct 2025 operating-cash-flow positive (first time); Mar 2026 Capital One $5.15B acquisition announced | 2017 Mercury founding by Immad Akhund + Max Tayenthal + Jason Zhang + Daragh Murphy; 2019 Mercury mobile app launch; Apr 2024 ~100,000 businesses; Mar 2025 $300M Series C at $3.5B valuation led by Sequoia Capital; May 2026 $200M Series D at $5.2B valuation | 2019 Ramp founding by Eric Glyman + Karim Atiyeh + Gene Lee; $32B valuation Nov 2025 led by Lightspeed Venture Partners; talks for $750M raise at $40B+ valuation May 2026 | 2016 Novo founding | 2013 BlueVine founding |
Status
Active, ~25,000 businesses + $700M annualized revenue (+30% YoY) + Q1 2025 enterprise revenue grew 70% + enterprise net revenue retention exceeded 130% + operating-cash-flow positive Oct 2025 (first time) + Capital One $5.15B acquisition announced [1, 2, 3]:
- Brex Inc. (privately-held; pre-Capital One $5.15B acquisition announced; peak $12.3B valuation 2022) since 2017 Brex founding by Henrique Dubugras + Pedro Franceschi + 2018 Brex corporate card launch + 2021 Brex peak $12.3B valuation + Q1 2025 enterprise revenue grew 70% + Oct 2025 operating-cash-flow positive (first time) + Mar 2026 Capital One $5.15B acquisition announced.
- Brex ~25,000 businesses + $700M annualized revenue (+30% YoY).
- Capital One $5.15B acquisition announced (58% contraction from 2021 peak $12.3B valuation).
- FDIC + OCC regulated (via partner banks Column N.A. + JPMorgan Chase Bank N.A. + others).
Sources
- 1 Brex revenue, valuation & funding — Sacra
- 2 Capital One Acquired Brex: Strategic Analysis of the $5.15B Deal — Airwallex US
- 3 Brex 2026 Company Profile: Valuation, Investors, Acquisition — PitchBook
- us-cro In-corpus:
reports/countries/US-united-states.md
Source
Biography extracted from brex.md. See matrix.md for standards-support matrix if present.