Brex
Fintech company owned by Capital One
From Wikipedia, the free encyclopedia
Brex, a subsidiary of Capital One, is an American fintech company that offers credit cards and cash management accounts as well as a spend management software platform to startup technology companies.
 | |
| Type | Subsidiary |
|---|---|
| Industry | Fintech |
| Founded | January 2017 |
| Founders |
|
| Headquarters | San Francisco, California |
Key people |
|
| Products | Credit cards Cash management accounts Spend management software platform |
Number of employees | 1,100 (2025)[2] |
| Parent | Capital One |
| Website | brex |
History
Brex was founded by Brazilian entrepreneurs Henrique Dubugras and Pedro Franceschi, both aged 22, on January 3, 2017.[3] They had previously founded an online payments company, Pagar.me, which they sold in 2016 to StoneCo, a Brazilian credit card processor, for "tens of millions".[4]
Brex began as a VR startup. The founders were accepted into the Winter 2017 batch Y Combinator's 12-week accelerator program; 3 weeks in, they pivoted the company to financial technology with the goal of providing credit cards to startups with venture capital funding but with limited credit history.[5]
By August 2018, the company had over 1,000 customers.[3]
In February 2021, the company applied with the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions (UDFI) to establish Brex Bank. It appointed Bruce Wallace, a former Silicon Valley Bank (SVB) executive as CEO.[6] A few months later, Brex invested in the Indian card startup Kodo.[7]
In August 2021, the company closed its headquarters in San Francisco and became headquarterless.[8]
In April 2022, Brex launched Brex Empower, a financial software platform to help people comply with their employers' expense policies.[9]
In June 2022, Brex exited the small and midsize businesses (SMB) market, shifting the company's focus to serving enterprise customers.[10]
Brex received billions of dollars in deposits from Silicon Valley Bank customers on March 9, 2023—a day prior to the collapse of Silicon Valley Bank.[11]
In May 2024, CNBC ranked Brex fourth on its 2024 Disruptor 50 list.[12]
In January 2024, Brex laid off 300 employees, or roughly 20% of its workforce due to slowing growth.[13]
In August 2025, the company gained a license to operate in the European Union.[14] That month, the company leased 100,000 square feet in South of Market, San Francisco.[15]
In April 2026, Capital One acquired Brex for $5.15 billion, equal parts cash and stock.[16] This was less than half of their 2021 valuation of $12.3 billion.
Funding history
Before the acquisition by Capital One, the company raised $2.3 billion in total equity financing.[17]
Micky Malka's Ribbit Capital led Brex's $7 million Series A shortly after its founding in 2017.[17]
In June 2018, the company raised $50 million in a Series B round from Y Combinator Continuity, Ribbit Capital, Peter Thiel, and Max Levchin.[18]
In October 2018, the company raised $125 million in a Series C round at a $1.1 billion valuation. The round was led by Greenoaks Capital, DST Global, and Institutional Venture Partners.[19]
In June 2019, the company raised $100 million in Series C-2 funding at a valuation of $2.6 billion. The round was led by Kleiner Perkins. Existing investors DST Global, Institutional Venture Partners, Y Combinator, and Greenoaks Capital also participated.[20]
In May 2020, the company raised $150 million in a Series C extension.[21]
In April 2021, the company raised $425 million in a Series D round at a $7.4 billion valuation. The round was led by Tiger Global.[22]
In October 2021, the company raised $300 million at a $12.3 billion valuation.[23]