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Brex is a credit card company that issues corporate credit cards with no security deposit.

Brex builds B2B financial products, including a corporate card for technology companies.

Brex was founded by Henrique Dubugras and Pedro Franceschi, two engineers who previously founded Brex is backed by the co-founders of PayPal, Max Levchin and Peter Thiel, Y Combinator, Ribbit Capital, Yuri Milner, and Carl Pascarella, the former CEO of Visa.

Brex does not require companies to personally guarantee their credit cards, nor do they require proof of cash flows, a security deposit or a FICO credit score for approval. Rather, Brex uses a companies banking information to underwrite their cards. This way, cash-rich companies, or startups who have received a lot in funding, can receive a card, which they can divvy up amongst their employees and set custom limits per card per employee.

In February 2019, Brex and MasterCard announced Brex would begin issuing World Elite MasterCards for Business, and would upgrade current cards to the same program. This included an enhanced rewards structure and travel benefits. This announcement went in conjunction with Brex's launch of fraud protection technology, including "no questions asked" fraud support.

Part of their credit offering, Brex included an expense management software, which analyzed spending by vendor and allowed users to text images of their receipts in reply to expense notifications.

Brex charges 5 dollars per card, after five authorized cards, per month and makes money through transaction fees. They don't charge interest as the cards balance has to be paid in full at the end of the month. And there is no annual fee.

Brex For Startups

Essentially their initial product, Brex's startup focused offering includes rewards focused on the needs and spending patterns of startups. The card balance must be paid off a the end of each month, or else it is cancelled.

Brex For E-commerce

Similar to the Brex for startups card, the Brex for ecommerce is different in that it offers users 60 days to pay their balance in full, rather than the 30 offered on their traditional card.

Brex For Life Sciences

The Brex for Life Sciences offers companies operating in the theater of the Life Sciences to earn specific rewards. Otherwise, the card is the same as the Brex for startups.

Brex Cash

Launched in 2019, Brex Cash is a product designed to replace a traditional bank account. A business cash management account integrated with the Brex card, Brex cash allows customers to send payments with no transaction fees while earning rewards redeemable for cash back, travel or air miles.

Brex Cash offers a 1.6% yield on deposited money, which is achieved through Brex using the money to purchase securities in US Treasuries and low-risk commercial paper. When the customer withdraws cash, Brex then sells the shares of those securities for the requisite amount.

The account is protected by the Securities Investor Protection Corporation (SIPC), which protects brokerage accounts up to 500,000 dollars and specializes in protecting customers from the loss of cash and securities.

Brex Crypto Rewards

In May 2021, Brex announced the launch of the first crypto rewards programs for corporates.

The offering allows Brex’s customers, notables include Airbnb, Classpass, and startup accelerator Y Combinator, will be able to exchange Brex reward points for Bitcoin and Ether the same way they would redeem them for miles, gift cards, cash, or travel.

Brex’s rewards partner is TravelBank, will power the zero-fee rewards redemption program, allowing users to input the amount of points, they want to redeem for crypto that can then be transferred to a cryptocurrency wallet

Seed - Y Combinator

In March, 2017, Brex graduated from Y combinator with 120,000 dollars in funding for its Seed round.

Series A

In April, 2017, Brex held a Series A round of financing which raised 6.5 million dollars. Investors included Y Combinator and Ribbit Capital.

Series B

Announced in April 2018, Brex raised 50 dollars million in their Series B funding. Y Combinator Continuity fund led the funding round, which included participation from Ribbit Capital, Peter Thiel, Max Levchin, Chase Coleman and Carl Pascarella.

Series C

Brex raised 125 million dollars in funding in October 2018. The round was led by GreenOaks Capital and DST Global. Other investors included RIbbit Capital, Y Combinator, Peter Thiel, Mindset Ventures, Larry Summers, Justin Mateen, Jaws Ventures, IVP (Institutional Venture Partners) and Greyhound Capital. The post-money valuation of Brex was $1.1 billion.

Debt Financing

In April of 2019, Brex announced 100 million dollars in debt financing raised from Barclays Investment Bank.

Series C-2

Brex announced 100 million dollars funding in a Series C extension round in June 2019. Kleiner Perkins Digital Growth Fund led the round with participation from Y Combinator Continuity fund, GreenOaks Capital, IVP (Insititutional Venture Partners), Ribbit Capital and DST Global. Brex's post-money valuation was 2.6 billion dollars.


In March of 2019, Brex announced their acquisition of Elph. He was a San Francisco-based startup who built digital payment infrastructure on blockchain technology. They specialized in tools for developers to accept cryptocurrency payments and for consumers to store, manage and transact their cryptocurrency.


October 22, 2021
Brex raises a $300,000,000 private equity.
August 17, 2021
Brex acquires Weav, an Israel-based API platform for commerce sites.
April 28, 2021
Brex raises mega-round and announces a new feature for finance management
April 26, 2021
Brex raises a $425,000,000 series D round from Tiger Global Management.
April 20, 2021
Brex notes that its customers using Instant Payouts also have access to built-in expense management, rewards of up to 8x on every purchase, which can be used to offset the instant payouts fee, and free wire and ACH transfers.

Brex has raised over $400 million in funding and is backed by partners including Y Combinator Continuity, Kleiner Perkins, and the founders of PayPal.

April 2021
The round gives Brex a $7.4 billion valuation--up from $3 billion in 2020 when it raised a $150 million Series C round.
May 20, 2020
Brex Secures $150 Million in Capital from DST, Lone Pine Capital, and Others.

May 19, 2020
Brex raises a $150,000,000 venture round.
March 24, 2020
Brex acquires three companies to build out its bank alternative for startups.
June 20, 2019
Series C

In October 2018 Brex completed their series C round with $125 million in funding.

Funding Rounds


Further Resources



JD Alois
August 17, 2021
Crowdfund Insider
Click HERE to find out ⭐ Fintech Brex Purchases Israeli API Platfrom Weav. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Samantha Hurst
May 28, 2021
Crowdfund Insider
Click HERE to find out ⭐ Brex Unveils Integrated Marketing Campaign For Local Business Outreach. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Richard Dal Porto
May 22, 2021
Welcome back to The TechCrunch Exchange, a weekly startups-and-markets newsletter for your weekend enjoyment.
Melia Russell
May 18, 2021
Business Insider
Brex is looking to expand its customer-base beyond startups, and it's bringing its famed billboards to three new cities to raise brand awareness.
David McMillin
May 12, 2021
Business Insider
Brex customers can now redeem their points for crypto, in addition to using them for travel and gift cards or transferring them to airline partners.


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