Brex was created by Pedro Franceschi and Henrique Dubugras in 2017. In an interview with Forbes from June 2019, co-CEO Dubugras said the company does not yet have plans for an IPO, stating that “We’re in no rush to go public.” These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.
Brex is a financial services company tailored to startup companies, offering business credit cards and fund management accounts. Brex has raised $315 million in Venture Capital funding from investors including G Squared, Lone Pine Capital, Kleiner Perkins, DST Global, Greenoaks Capital Partners, Greyhound, IVP, Peter Thiel, Coinbase Ventures, Ribbit Capital, and Y Combinator. Per company press releases, Brex last raised an expansion of Series C in May 2020 bringing the total round size to $250 million at a post-money valuation of over $2.6 billion.