Brex Premium, our Series D, and the future of Brex as all-in-one finance
Apr 26, 2021, 4 min read
Apr 26, 2021
4 min read
Today we have two exciting updates to share: our latest product, and our latest funding round!
First, we’re thrilled to announce Brex Premium: a software layer on top of Brex Card and Brex Cash that brings expense management, bill pay, and (soon) reimbursements all in a single product!
Our vision at Brex is to build all-in-one finance. We want to offer everything a growing company needs to manage their finances in a single product experience. Three years ago we started by solving the most immediate pain: the lack of great financial services for businesses. We reimagined the product experience (and infrastructure!) of what great financial products would look like, and delivered it to tens of thousands of companies that chose Brex over traditional banks.
Now with the launch of Premium, we’re taking another important step towards our vision: building integrated financial software that maximizes the power of every dollar that flows through a company. By giving more financial controls across every payment rail (card, ACH, wire transfers and checks), together with unified reporting and alerts, our goal is to reduce unnecessary spend, reduce time away from the core business, and bring peace of mind to founders, business owners and finance teams.
Over the past year, we worked with hundreds of incredible beta customers to understand their needs and build the perfect feature set to track, control, and manage business expenses. You can find all of our features here, but I wanted to highlight my favorite ones:
Pay an invoice by simply forwarding an email
In the early days of Brex, we used to receive dozens of invoices to be paid every month, and I remember having to manually go to our bank to pay them, and later on reconcile everything with Quickbooks. It was cumbersome and annoying. With Premium, you can simply forward an invoice to email@example.com, and we will parse it, process the payment with Brex Cash, and upload it to your ERP automatically!
Automated alerts on unusual spend
As a manager reviewing hundreds of transactions a month, it’s hard to know which transactions are worth spending time on. Instead, we built automated alerts that are actually useful at flagging and reducing unnecessary spend, such as duplicated subscriptions, unusual spend on specific merchants, users or departments, and new vendors.
Custom expense policies, vendor cards and temporary limit increases
For recurring spend, employees can request cards tied to a single merchant, requiring an approval for recurring charges that represent most of a company’s spend. For non-recurring spend, finance teams can define and enforce a custom expense policy, specifying which transactions require a receipt, memo, or a specific review based on dollar amount. Employees can also request temporary card limit increases to cover trips, events, or any temporary spend need.
Together, these features strike a great balance of flexibility for unplanned spend, smart reviews when needed, and tighter controls for the transactions that really matter.
Reports that help you learn more about your business
When we were building reports, I knew we were onto something special when I started learning new things about Brex itself by using the product. With Reports, companies can understand exactly where each dollar is going, drilling down into departments, merchants, users and GL accounts. It’s a pretty powerful (and gorgeous!) feature that gives me joy every time I use it — and is now available to every customer. :)
All customers can sign-up for Premium directly from their Brex dashboard.
I wanted to thank all of our customers who participated in our private beta over the last few months, and helped us polish the product to a point we feel proud to announce it to the world. Across new features for Premium and improvements to credit limits, integrations, instant payouts and the onboarding experience, we have many more exciting updates coming to customers soon.
Lastly, we have another exciting update: we closed a Series D funding round of $425 million, led by Tiger Global at a $7.4 billion valuation. Since we launched Brex less than three years ago, Henrique and I were humbled by reception from the startup community, and the tens of thousands of growing companies across the US that we’re proud to serve.
We say at Brex that Dream Big is our main value: because dreaming big or small takes the same amount of work, you might as well do it big. This mindset certainly shaped our team from the very beginning. But over time, we realized that Dream Big was much bigger than just Brex. It was also about our customers — the most innovative and creative ones out there. As a company with the mission of helping every growing company realize their full potential, nothing is more rewarding than watching those we serve to push the envelope, do things differently, and grow relentlessly into the best version of themselves.
Thank you for letting us be a part of your journey. Building Brex has been the most rewarding, fun and transformative experience of our careers. We’re incredibly grateful to each of our customers, employees and investors for the continued support and trust in helping us build an enduring company for decades to come.
Onwards and upwards!
Pedro and Henrique