Brex Inc. is an American financial service and technology company that offers business credit cards and cash management accounts to technology companies.[4] Brex cards are business charge cards, which require at least $50,000 in a bank account if professionally invested, if not with $100,000 to open, and cardholders who default won't damage their personal credit or assets.[5]Emigrant Bank issues the Brex cards.[6] In 2026, Capital One announced the acquisition of Brex.
Brex was founded by Brazilian entrepreneurs Henrique Dubugras and Pedro Franceschi on January 3, 2017. They had previously founded an online payments company, Pagar.me, before selling it to Stone.[7][8][9]
Brex began as a VR startup; however, the founders pivoted the company to fintech three weeks into Y Combinator's 12-week accelerator program.[10]
In February 2021, the company announced a submission application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish an industrial bank named Brex Bank, a wholly owned subsidiary of Brex. According to TechCrunch, the subsidiary appointed a former Silicon Valley Bank (SVB) executive as CEO.[6]
In April 2022, Brex launched Brex Empower, a financial software platform to help people comply with their employers' expense policies.[11] In June 2022, Brex exited the small and midsize businesses (SMB) market, shifting the company's focus to serving enterprise customers.[12] In August 2022, Brex named Doug Adamic as the company's new chief revenue officer.[13]
According to CNBC, Brex received billions of dollars in deposits from SVB customers on March 9, 2023—a day prior to SVB's collapse.[14] The following year, CNBC ranked Brex fourth on its 2024 Disruptor 50 list.[15]
In January 2024, Brex announced that it was laying off 300 of its employees, or roughly 20% of its workforce. The company cited slowing growth as a reason for the decision.[16]
In January 2026, Capital One agreed to acquire Brex in a transaction valued at approximately $5.15 billion in cash and stock. The deal is expected to close in mid-2026 subject to customary regulatory approvals and closing conditions.[17]
↑"About Us - Brex". brex.com. Archived from the original on March 7, 2023. Retrieved March 12, 2023. 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.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
↑"CFOs Will Get Their Own AI Chatbot as Part of Brex Project". Bloomberg.com. March 7, 2023. Retrieved March 12, 2023. Brex, a six-year-old startup backed by Tiger Global and PayPal Holdings Inc. co-founders Max Levchin and Peter Thiel, is valued at more than $12 billion and counts companies such as DoorDash Inc. and Airbnb Inc. among its clients.
↑Insider. "Brex's $57 Million Pitch Deck | Insider". www.businessinsider.com. Retrieved March 12, 2023. Brex already has more than 1,000 customers signed up with the help of backing from investors including PayPal co-founders Peter Thiel and Max Levchin, early Facebook investor Yuri Milner, former Visa CEO Carl Pascarella, and esteemed startup incubator Y Combinator.
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