Brex

Founded in 2017, fintech-startup Brex provides companies with corporate credit cards, as well as cash management services for small businesses and large organizations.

History

2021

Raising $300 million, estimated at $12.3 billion

At the end of October 2021, the Brex fintech company, in which the Yuri MilneradST Global fund had previously invested, raised $300 million and was valued at $12.3 billion. This allowed the service to receive decacorn status - a startup worth more than $10 billion.

According to the publication TechCrunch, the round of financing was headed by the investment company Greenoaks. Early Brex investors also took part in the deal, wanting to get a large share in the startup after they saw effective management of this business. In 2021, Brex plans to double revenue, including through new products.

Credit card service for Brex startups with investments of Yuri Milner Brex attracted $300 million

On October 22, 2021, the startup announced its new Brex API solution. According to company representatives, the new open API is available to all Brex customers at no additional cost and is designed so that they can easily manage financial information in a customizable interface. For customers who do not have their own developers, Brex also announced a partnership with Zapier that will automate workflows between products without the need to write one line of code. Using the Brex API, the company added, developers can create workflows tailored to their company's individual needs.

Brex sells credit cards intended for startups, and the issuer as of October 24, 2021 is Emigrant Bank. The company filed an application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to create a bank. However, in August 2021, Brex said it was voluntarily withdrawing its applications for the bank charter and federal deposit insurance to modify and strengthen its initial application before re-submitting it at a later date.^[1]

Attracting $425 million in investments

At the end of April 2021 fintech-startup Brex raised $425 million as part of the Series D funding round, which was led by a venture capital firm. Tiger Global The capitalization of the startup increased to $7.4 billion.

Brex was also invested by,, TCV GIC Baillie Gifford, Madrone Capital Partners, Durable Capital Partners LP, Valiant Capital Management, Base10,, Y Combinator Continuity Ribbit Capital, as well as the fund, Yuri Milner DST Global Greenoaks Capital, Lone Pine Capital and. IVP

DST Global Yuri Milner invested in the developer of software for managing expenses of Brex companies

The startup plans to direct the funds raised to the development of a new universal financial platform, which includes an expense management service and payment of bills on a single control panel. The Brex platform is focused on managing employee expenses through enterprise and vendor cards, eliminating the need for expense and personal compensation reports. Business owners can also track costs across business units to better understand spending trends across subdivisions, sellers, and individual employees.

The startup also filed an application for the creation of Brex Bank. This will allow Brex to offer insured FDIC products to small enterprises without requiring an intermediary bank as a partner.

Brex Bank will expand its existing set of financial products and business software by offering credit solutions and FDIC insurance deposit products for small and medium-sized businesses, the company said. - Brex and Brex Bank will work in tandem to help small and medium-sized businesses grow and realize their full potential.[2]

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