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Brex

Also a provider — view Brex’s profile →

“Can a corporate-card / spend-management platform become the financial OS for venture-backed and mid-market companies — and, post-acquisition, how much of Capital One's commercial card and SMB banking business can Brex's software platform transform?”

Founded2017
HQSalt Lake City, UT (formerly San Francisco, CA)
FoundersHenrique Dubugras, Pedro Franceschi
Total raised~$1.5B+
Latest roundSeries D-2, 2022
Valuation$12.3B post-money (2022)
IndustryHorizontal SaaS / Spend Management

The story

Founded in 2017 as a YC-backed fintech, Brex launched a corporate credit card for VC-backed startups in 2018 — differentiated by no personal guarantee and data-driven underwriting. In 2020 it added Brex Cash (checking + treasury), positioning as an all-in-one financial OS for startups. In 2022 it controversially dropped SMB customers to chase mid-market and enterprise spend management deals, reframing the product as a software-led platform with embedded finance rather than a card company. In January 2026 it was acquired by Capital One for $5.15B — roughly 42% of its peak $12.3B valuation — becoming the spend management / embedded finance arm of the bank.

Last 12 months

2025-08

Brex announced EU payment institution license, enabling card issuance and spend management across all 30 EU countries without workarounds.

2026-01

Capital One acquires Brex for $5.15B in cash and stock. Brex becomes a wholly owned subsidiary of Capital One, N.A.

Product timeline

2017

Founded in January 2017 by Henrique Dubugras and Pedro Franceschi; initially a VR startup before pivoting to fintech within 3 weeks of YC.· pivot

2018

Launched the Brex corporate credit card exclusively for startups, offering no personal guarantee and higher credit limits.· card

2020

Launched Brex Cash, a business checking-account replacement with treasury yield, expanding beyond card-only offering.· banking

2022

Raised Series D-2 at $12.3B valuation; simultaneously exited SMB market to focus on mid-market and enterprise customers.· pivot

2023

Launched Brex Embedded, enabling B2B software platforms to embed Brex virtual cards and payment workflows.· banking

2025

Achieved EU payment institution license, enabling direct card issuance and spend management in all 30 EU countries.· banking

2026

Acquired by Capital One for $5.15B in cash and stock (January 2026), becoming a wholly owned subsidiary of Capital One, N.A.· acquisition

Regulated entities

regulatory licences held by Brex

Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.

In the press

embeddedfinancereview.com ↗

Coverage sourced from Embedded Finance Review — a content partner for this report. All articles are © their original authors; click any card to open the source.

◇ article2024-09-19

Brex launches embedded product

Brex launches embedded product but partners use actual Brex-branded cards not white-label. Why this dual revenue strategy differs from traditional BaaS and Pliant.

brex