Brex, a major fintech firm, is now a super major fintech firm with a valuation of $12.3 billion. Brex hit that mark when it raised an additional $300 million in a Series D-2 round of funding.
In August Brex bought out Weav, an Israeli startup that offers a universal API for commerce platforms to enable new fintech products, for $50 million. Weav’s Nadav Lidor is now the manager of what has become Brex Israel. At that time Brex had a valuation of just $7.4 billion.
Based in San Francisco, Brex offers credit cards, business cash accounts, spend management, and bill pay software together in a single dashboard. Brex states that they are building a financial OS to integrate the services and software that businesses need to realize their potential. “While they build the future, we’ll be building everything businesses will need to launch confidently, scale fast, and realize their full potential.”
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Start 2022 strong by joining our virtual fireside chat on January 11 with Brex co-founder @hdubugras and @HarryStebbings of @twentyminutevc. They’ll discuss how to build a great product and a great company—and why getting both right is critical.
— Brex (@brexHQ) January 5, 2022
Thousands of businesses use Brex to manage their finances.
“We’re reimagining financial systems so every growing company can realize their full potential.”
CEO and co-founder Henrique Dubugras told Tech Crunch, “We didn’t open up to new ones because we had so many new investors with deep pockets who we’d promised we’d give more allocation to over the years. They were comfortable that we had hit the targets we said we were going to so that gave us some credibility to them.”
Brex is backed by Y Combinator, Kleiner Perkins, DST Global, PayPal co-founders Max Levchin and Peter Thiel, Lone Pine Capital, and fintech specialist Ribbit Capital.