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Brex — Startup ProfileThe spend platform for modern companies — cards, banking, and AI-powered expense managementHQ: San Francisco, CA, United States | Founded: 2017 | Employees: 1,100-1,221 | Stage: Acquired (by Capital One, Jan 2026) | Website: https://www.brex.comAboutBrex was founded in 2017 by Henrique Dubugras and Pedro Franceschi, Brazilian entrepreneurs and Stanford dropouts who previously built Pagar.me, one of Brazil's largest payments processors. Initially targeting startups underserved by traditional banks, Brex launched corporate cards with no personal guarantee, instant approvals based on company cash balances, and industry-leading rewards (up to 8x). Through Y Combinator W17, the company raised from Ribbit Capital, Greenoaks, DST Global, IVP, Kleiner Perkins, Tiger Global, TCV and others, scaling to a $7.4B Series D in April 2021 ($425M led by Tiger Global) and a $12.3B peak after a $300M growth round in October 2021.The platform now spans five core pillars: Corporate Cards (Visa with dynamic limits and virtual cards), AI-powered Expense MKey Metrics

Peak Valuation: $12.3B (Oct 2021)

Acquisition Price: $5.15B by Capital One (Jan 2026)

Total Equity Funding: $1.5B

ARR: $500M (Nov 2024)

Customers: 35,000+ companies

Deposits: $10B+

Funding Rounds

Round: $120K (2017-01-31) — Y Combinator

Round: $7.5M (2017-06-15) — Ribbit Capital

Round: $62M (2018-06-20) — Greenoaks Capital

Round: $57M (2018-10-17) — DST Global, Greenoaks Capital

Round: $100M (2019-06-18) — DST Global

Key People

Henrique Dubugras

Pedro Franceschi

Michael Tannenbaum

Adam Swiecicki

Key Competitors

Ramp —

Mercury —

BILL (Divvy) —

Pleo —

Timeline Highlights

2026-01-22: Acquisition by Capital One for $5.15B cash + stock

2025-01-09: Debt facility: $235M led by Citi

2024-11-15: Hits $500M ARR with 35K customers and $10B+ deposits

2022-08-01: Strategic shift from SMB to Enterprise

2021-10-27: Growth round: $300M at $12.3B peak valuation