Brex Announces Significant Growth with Two Product Lines at $100M of ARR
May 2023
SAN FRANCISCO, May 31, 2023 – Brex, the first fully unified global spend platform, today announced significant momentum and growth of two of its products—Empower™, Brex’s spend management platform, and Brex business accounts.
In its one year since launch, Empower has been adopted by some of the largest and most innovative companies. Leading enterprises like Coinbase, DoorDash, Generations Healthcare, Indeed, Lemonade, SeatGeek, TuSimple, and more are using Empower to control their spend, close the books faster, automate compliance and keep their teams on budget globally.
“In Empower’s first year, we’ve helped companies manage all of their spend on one platform and future-proof their businesses, which is more important than ever in the current challenging macroeconomic environment,” said Henrique Dubugras, co-founder and co-CEO of Brex.
Since implementing Empower, customers have, on average, attained a 145% increase in overall spend compliance and are saving 400 hours every month when closing the books with Brex’s industry-leading accounting automation. Managers have also achieved a tenfold reduction in the amount of time it takes to review expenses.
Additionally, Brex business accounts — cash management accounts with a suite of money movement tools across ACH, wires and checks — have seen rapid growth due to the ease of use and industry-leading FDIC insurance coverage. Recently, Brex has also added the ability to manage complex payment approval flows within its business account product.
“Companies are seeking a new paradigm for their bill pay and cash management in the wake of this year’s banking crisis, and Brex business accounts check off all the boxes businesses are looking for,” added Dubugras.
Customers are obtaining meaningful value from Brex’s growing product lines. Teddy Collins, Vice President of Corporate Finance at SeatGeek notes, “We're a cloud native company, and that means we follow a best-in-breed solutions approach to our finance and other systems. Brex Empower is a new class of product with an employee-friendly UX/UI that allows people to see exactly how much money is left in their budget and allows them to actually spend that money, while letting us track it and do pre- and post-purchase review.”
Brex has announced several enhancements to Empower in the past year, including:
- Expanded global capabilities that allow businesses to operate worldwide with local-currency cards, reimbursements, and billing in over 20 currencies. Today, over 50% of Empower contracts include users outside of the United States.
- An integrated travel solution that provides comprehensive booking and management capabilities, all in the Brex dashboard and mobile app, with unbiased global inventory, self-service trip changes, and 24/7 agent support.
- AI-powered tools for CFOs and finance leaders that provide relevant insights on corporate spend and answer critical business questions in real time. Plus, Empower includes Generative AI to streamline expense reporting for employees.
More information about Brex’s products are available at www.brex.com.
Brex is the AI-powered spend platform for modern companies, from startups to enterprises. Combining corporate cards, expense management, travel, business accounts, and bill pay, Brex makes it easy to control spend before it happens with unprecedented efficiency and accuracy. Our mission is to empower employees anywhere to make better financial decisions, so we designed our platform to make expenses almost effortless with unrivaled automation of manual expense work and real-time tracking. Brex supports more countries and currencies than any other spend solution. Brex has tens of thousands of customers, including some of the most successful, high-growth companies, such as DoorDash, SeatGeek, Coinbase, ScaleAI, MasterClass, Indeed, Allbirds, and Superhuman.
Contact
Danielle Bereznak, Director, External Communications
press@brex.com