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Company Snapshot
Brex is based in San Francisco, California, USA, founded 2017 by Pedro Franceschi, Henrique Dubugras. Latest valuation $5.15B (Capital One acquisition price) (As of Jan 22, 2026, TechCrunch).
Recent changes
- Jan 22, 2026Jan 22, 2026Acquired for $5.15B SEC filing (Capital One Financial Corp.)
- Jan 22, 2026Jan 22, 2026Valuation fell from $12.3B to $5.15B (Capital One acquisition price) TechCrunch
- Jan 1, 2022Jan 1, 2022Raised an undisclosed amount Series D-2 at a $12.3B valuation TechCrunch
- Jan 1, 2022Jan 1, 2022New investor: Baillie Gifford TechCrunch
- Jan 1, 2022Jan 1, 2022New investor: TCV TechCrunch
Earlier changes (6)
- Jan 1, 2022Jan 1, 2022New investor: GIC TechCrunch
- Jan 1, 2022Jan 1, 2022New investor: Base10 Partners TechCrunch
- 20222022First reported valuation: $12.3B (2022 private mark — now a >55% discount) CNBC — Capital One is buying Brex for $5.15 billion
- Jan 1, 2018Jan 1, 2018Raised $7M Series A TechCrunch
- Jan 1, 2018Jan 1, 2018New investor: Y Combinator TechCrunch
- Jan 1, 2018Jan 1, 2018New investor: Ribbit Capital TechCrunch
Funding History
3 events · sources dated per row| Date | Event | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Jan 22, 2026 | acquisition | $5.15B | — | SEC filing (Capital One Financial Corp.) | |
| Jan 2022 | Series D-2 | — | $12.3B | TCVGICBaillie GiffordBase10 PartnersMadrone Capital PartnersDurable Capital PartnersValiant Capital Management | TechCrunch |
| Jan 2018 | Series A | $7M | — | TechCrunch |
Underlying values
| As of | Value | Method | Source |
|---|---|---|---|
| Jan 22, 2026 | $5.15B (Capital One acquisition price) | Reported | TechCrunchAlso reported by CNBC — Capital One is buying Brex for $5.15 billion |
| Jan 1, 2022 | $12.3B | Reported | TechCrunchAlso reported by SEC filing (Capital One Financial Corp.), CNBC — Capital One is buying Brex for $5.15 billion |
Investors
Value Add Research
- VC & Investing · Oct 14, 2026Brex Valuation 2026: $12.3B Peak to $5.15B Capital One Sale
- Startup Operations · Aug 20, 2026Brex vs Arc for Startup Cash: Arc's 4.75% Yield Wins
- Fundraising · Oct 16, 2026Mercury Valuation 2026: $5.2B on $650M Revenue
- Startup Operations · Aug 24, 2026Ramp vs Brex in 2026: Which Corporate Card Wins for Your Startup
- Startup Operations · Aug 10, 2026Mercury vs Brex — Startup Bank Comparison
- Startup Operations · May 1, 2026Mercury $5M vs Brex $6M vs Meow $125M FDIC (2026)
- Startup Operations · May 1, 2026Ramp vs Brex vs Airbase: Up to 1.5% Cashback, $0 Fees?
- Market & Trends · Feb 25, 2026Why Capital One Spent $5B+ to Buy Brex
Related Companies
The VC Read
Brex's arc is the cautionary tale of the 2021 fintech bubble: a $12.3B mark built on zero-rate money, sold four years later for $5.15B once Ramp out-executed it on product speed and Brex burned cash on a pivot from startups to larger enterprises. Capital One buying it isn't a failure story so much as a return to gravity — a real bank picking up a proven card-and-software stack at a fraction of peak price. The read-through for founders: 2021-era valuations were never the floor, and 'strategic acquirer at a discount' is now a normal, even good, outcome for late-stage fintech.
How Brex makes money
Brex built its business by giving startups free corporate cards (no personal guarantee, underwritten off cash/revenue/investor backing instead of founder credit) and monetizing primarily through interchange — Brex has said more than half its revenue comes from swipe fees on card transactions.
It layered on a SaaS tier (free Brex Essentials vs. paid Brex Premium at roughly $12/user/month) for expense management, bill pay, and accounting integrations, plus interest income on customer cash balances. Now inside Capital One, Brex keeps its own brand and product and continues serving startups and mid-market companies as a subsidiary rather than a standalone venture-backed business.
Competitors
- Ramp — The fastest-growing rival, reaching a ~$44B valuation in June 2026 — now the larger independent player.
- Mercury — Startup banking with a similar underwriting-on-cash approach.
- American Express — The legacy corporate card incumbent Brex was originally built to disrupt.
- Airbase — Spend management and card platform for mid-market finance teams.
Profile sources (verified 2026-08-26): CNBC — Capital One is buying Brex for $5.15 billion · Capital One Financial Corp — Capital One to Acquire Brex (investor release) · Capital One — Capital One Completes Acquisition of Brex · Sacra — Brex revenue, valuation & funding
Brex FAQ
Does Capital One own Brex now?
Yes. Capital One completed its acquisition of Brex on April 7, 2026, in a cash-and-stock deal valued at $5.15 billion (about $2.75 billion in cash plus roughly 10.6 million Capital One shares). Brex operates as a wholly-owned Capital One subsidiary, keeping its own brand, and co-founder Pedro Franceschi has stayed on to run it.
How does Brex make money?
Historically, primarily through interchange fees on corporate card transactions (Brex has said more than half its revenue comes from swipe fees), plus a paid SaaS tier (Brex Premium, roughly $12/user/month) for expense management and bill pay, and interest income on customer cash balances.
Who founded Brex?
Brex was founded in 2017 by Brazilian entrepreneurs Henrique Dubugras and Pedro Franceschi, who built it to give venture-backed startups corporate credit without requiring a personal guarantee from founders.
What is Brex's valuation?
Brex's valuation is $5.15B (Capital One acquisition price) (As of Jan 22, 2026, TechCrunch).
Who are Brex's investors?
Brex's investors include Ribbit Capital, Baillie Gifford, Base10 Partners, GIC, TCV, and 5 more (As of Jan 22, 2026).
Sources & methodologyshow
- SEC filing (Capital One Financial Corp.)primary source1 fact
- TechCrunchmajor outlet3 facts
Figures are labelled Reported (a source states it), Estimated, Derived (computed from other facts) or Rumored (in talks / unconfirmed). Rumors never replace a confirmed figure. Each figure keeps its own as-of date; history is preserved rather than overwritten.