FinTech Profile: Brex, the credit card for startups
FinTech looks at a company that has achieved a US$2.6bn valuation in just two years: Brex.
[image: Pedro Franceschi and Henrique Dubugras]
Brex was founded in 2017 by Pedro Franceschi and Henrique Dubugras who both moved to Silicon Valley in order to create the service for entrepreneurs. In 2018, Brex launched its first corporate card for startups, following a $57mn round of funding and soon introduced its rewards program, as well as announcing partnership with TravelBank that would allow Brex's users to book travel directly through its platform. In 2019, the fintech launched a corporate card for e-commerce companies, as well as announcing a number of new partnerships including one with Clear Channel, which enables it to offer discounted advertising.
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What are the benefits?
Brex is designed to assist with inventory, shipping and advertising costs. Users are allowed to have the first 60 days credit-free, allowing for free cash flow that can give startups the freedom to build.
In recent months, Brex has announced the creation of Brex Cash, a bank account replacement for businesses. With the use of this account, customers can earn a return of 1.6% or more on cash balances, which is currently the highest rate in the marketplace.
“Even before customers think about credit cards, they need a place to store their business capital. Brex Cash delivers just that - with an unmatched combination of ease of use, superior rewards, no fees and higher returns,” said Dubugras.
Did you know?
Brex is not the first joint business venture between the two founders. Franceschi and Dubugra had previously built the financial startup Pagar.me.
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