Brex
Brex
Brex co-founders, Henrique Dubugras and Pedro Franceschi.
Brex is an American fintechcompany that offers corporate credit cards for technology startups with higher limits than other banks. They are rebuilding B2B financial products through their offering without a personal guarantee or security deposit for startups with a venture fund. [3] [1] This form of banking for companies allows for an easy automation expense management without receipt tracking, and merges accounting systems. [1]
Overview
Brex began as a Y Combinator startup for the Winter of 2017. The founders of the company are Henrique Dubugras and Pedro Franceschi, two engineers with experience of fintech solutions for payment processing in their home country of Brazil. [19] Their previous company is called Pagar.me, which was acquired for millions of dollars by Stone. [18]
The two co-founders moved to Silicon Valley after their successful venture with Pagar.Me, to attend Stanford University, but soon dropped out after three months when they were accepted into Y Combinator. [13] The problem they aimed to solved was simple: to make it easier for startups to have a corporate credit card issued. [20]
They became some of the youngest Unicorn founders in history, launching publicly only a half a year later in June of 2018. [24]
Funding
The company has raised about $200 Million in funding from numerous accredited investors and other institutions.
PayPal founders Max Levchin and Peter Thiel contributed to the Series B financing round, in addition to fintech venture capital firm Ribbit Capital, early Facebook investor Yuri Milner and former Visa CEO Carl Pascarella. [10]
On June 11, 2019 the company was valued at $2,600,000,000.