# Brex

> Source: https://docs.barcoder.ai/docs/wallets/brex
> research date 2026-05-30 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Brex — official](https://www.brex.com/)

## 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** <sup>[1][1], [2][2], [United States report](https://docs.barcoder.ai/docs/payments/US)</sup>. **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) <sup>[1][1], [2][2], [3][3]</sup>.

## 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](https://docs.barcoder.ai/docs/wallets/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](https://docs.barcoder.ai/docs/wallets/ramp) (US business spend management startup; ~50,000+ customers + 2,200+ enterprise customers; $1B+ annualized revenue + $32B valuation Nov 2025) + [Novo](https://docs.barcoder.ai/docs/wallets/novo) (US business banking fintech for SMBs) + [Bluevine](https://docs.barcoder.ai/docs/wallets/bluevine) (US business banking fintech for SMBs) + Lili (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](https://docs.barcoder.ai/docs/wallets/mercury) (US business banking fintech rival; ~200,000 companies served; $5.2B valuation post-May 2026 $200M Series D) | [Ramp](https://docs.barcoder.ai/docs/wallets/ramp) (US business spend management startup rival; ~50,000+ customers; $32B valuation Nov 2025) | [Novo](https://docs.barcoder.ai/docs/wallets/novo) (US business banking fintech for SMBs rival) | [Bluevine](https://docs.barcoder.ai/docs/wallets/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** <sup>[1][1], [2][2], [3][3]</sup>:
- **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]: https://sacra.com/c/brex/ "Brex revenue, valuation & funding — Sacra"
[2]: https://www.airwallex.com/us/blog/capital-one-acquired-brex "Capital One Acquired Brex: Strategic Analysis of the $5.15B Deal — Airwallex US"
[3]: https://pitchbook.com/profiles/company/226102-87 "Brex 2026 Company Profile: Valuation, Investors, Acquisition — PitchBook"
[us-cro]: https://docs.barcoder.ai/docs/payments/US

- [1] [Brex revenue, valuation & funding — Sacra][1]
- [2] [Capital One Acquired Brex: Strategic Analysis of the $5.15B Deal — Airwallex US][2]
- [3] [Brex 2026 Company Profile: Valuation, Investors, Acquisition — PitchBook][3]
- <sup>[United States report](https://docs.barcoder.ai/docs/payments/US)</sup> In-corpus: `reports/countries/US-united-states.md`

## Source

Biography extracted from [brex.md](https://docs.barcoder.ai/source/wallets/brex). See `matrix.md` for standards-support matrix if present.