Brex operates as a financial solutions company. It offers a corporate credit card, expense management solutions, financial modeling, bill payment, business account, and more. The company provides its services to startups and scaling businesses. It was formerly known as Veyond. It was founded in 2017 and is based in San Francisco, California.
ESPs containing Brex
The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.
The expense management software market aims to streamline and automate the management of employee expenses within an organization. These solutions simplify the process of submitting, approving, and reimbursing expenses, while also providing tools for expense tracking, policy enforcement, and reporting. Solutions typically include features like receipt scanning, expense categorization, mobile apps,…
Research containing Brex
Get data-driven expert analysis from the CB Insights Intelligence Unit.
CB Insights Intelligence Analysts have mentioned Brex in 37 CB Insights research briefs, most recently on Oct 26, 2023.
Expert Collections containing Brex
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Brex is included in 9 Expert Collections, including Unicorns- Billion Dollar Startups.
Unicorns- Billion Dollar Startups
This collection contains companies that provide alternative means for obtaining a loan for personal or business use and companies that provide software to lenders for the application, underwriting, funding or loan collection process.
Companies in this collection provide technology that enables consumers and businesses to pay, collect, automate, and settle transfers of currency, both online and at the physical point-of-sale.
250 of the most promising private companies applying a mix of software and technology to transform the financial services industry.
Tech IPO Pipeline
Brex has filed 19 patents.
Social networking services, Parallel computing, Computer memory, Cache (computing), Microprocessors
Social networking services, Parallel computing, Computer memory, Cache (computing), Microprocessors
Latest Brex News
Nov 25, 2023
Jameson Yung, SVP of Sales at Gong, and Sam Blond, Partner at Founders Fund and previous CRO at Brex, share five tactical ways to get back to growing and hitting revenue targets. The days of working a little for big returns are behind us in the Boom of ‘21, so what can you do to start hitting revenue targets? #1: The Days of work-LIFE Balance Are Over (Emphasis on Little Work and Big Life) Mapping back to a period of time known as The Party, 2021 was full of people, in sales especially, who were making twice as much money while working half as hard. When everyone went remote, they worked remotely from the beach while their companies were growing. Then, in the post-2021 hangover phase, two things happened: People stopped making as much commisions on the sales side People were still working half as hard The macro-environment has gotten harder, and the buyer had changed. Previously there was a lot of focus on inputs and ensuring people felt like they were accomplishing something, even though the revenue might not have been there. And now, suddenly, we’re back to looking at revenue, and it’s not about only trying your hardest. Now, it’s “try your hardest doing work and actually impact the numbers you need it to.” How to Approach the Expectation of Tracking Effort Gong is unique because they have a lot of visibility. They know what people are doing on a daily basis by using their own product to analysis and listen to output. Working hard is also embedded in the culture. The minute you walk through the door, you’re expected to fight and push. In the early days, it was about setting expectations that startups are hard and you must work hard to succeed. Now, it’s become a matter of resetting of expectations that they’re no longer measuring effort only. Revenue matters, too. What setting expectations for effort might look like? Set and reinforce them early — as early as interviews. “This job isn’t for everyone. We are a tech startup, and in order to be successful, we expect you to put in a lot of hard work. If you can’t or won’t do that, this might not be the right fit.” 2. Categorize people based on performance. Create/ track a leaderboard so if someone is below average in sales, it’s objective. You can see the people falling below 50% . Everyone should understand why they are in that category and what the high-performers are doing that the low-performer isn’t doing. Often, these bottom-left quadrant people fall into one of two buckets: Not putting forth the effort Areas of improvement Some people are doing a lot of work, but they’re not working out. Others are doing little work and not working out. If someone is working hard but isn’t working out, invest in them and see if you can get them into the high-performing category. The underperformers who aren’t putting in the effort get a conversation, and if things don’t change, it’s not a good fit. The takeaway: Hold regular check-ins and where needed use performance plans to try and motivate people. It’s amazing how much someone’s behavior might change if you give them a kick in the behind. #2: Diagnose the Bottleneck to Growing Faster. Fix It. If you think about the customer acquisition funnel, you have the top, middle, and bottom. There is likely a constraint to growing faster that’s often misdiagnosed as the middle or bottom of the funnel. For example: Say it’s early September, and someone’s performance was 90% of their August number. You might ask them why they didn’t reach 100% attainment. They tell you a deal or two and pushed into the next month and that if they had closed, they would be at 110% or 120% of quota. Most leaders might diagnose this as the middle or bottom-of-the-funnel issue but in 4 out of 5 instances, the real diagnosis is the top-of-the-funnel issue. On the whole, every org has a customer funnel on one hand and employee resources on the other. Where are your employees mapped to that customer funnel? Where is the focus? Often, Sam and Jameson see too many companies weighted heavily on the middle and bottom of the funnel, skipping the top of funnel and therefore misaligning resources to where the bottleneck actually is. If you look at the number of Sales vs. Marketing. vs. CS hires over the last couple of years, you’ll likely also see it weighted away from top-of-the-funnel pipeline generation. To solve the bottleneck created during times of faster growth, you have to either start hiring into those roles or shift the focus of existing roles back to pipeline generation. Jameson’s advice for getting your existing workforce to pay attention to a problem that they may not think directly affects them is to take your existing resources and re-focus them with the right incentives. In his case, he got the CS team at Gong to re-engage in pipeline generation by 1) helping them better understand where the bottleneck was for the org and 2) creating incentives for CS to drive more top-of-funnel activities such as referrals and case studies. Jameson and Sam also recommend that across the org: sales, marketing and CS — the early and sooner you can get the entire team re-focused on creating their own pipeline, the better. With teams being especially a bit more complacent in the hangover days to wait for inbound leads, they’re finding out the hard way too late that it’s not that simple anymore. So the sooner you can shift the mindset and coach everyone on how to create and control their own pipeline, whether it’s customer referrals, outbound (for everyone, not just SDRs), etc, the better. #3: Be Creative and Stand Out Anytime you think of a campaign or channel focused on demand gen, it’s through the lens of thinking outside the box, getting creative, and standing out. As we recently wrote, every marketing initiative and every channel plateaus . Jameson and Sam agree. And you have to plan for it. We live in a world where it’s too easy to send messages to people. It’s become way too commonplace to generate demand by using an email sequencing tool or purchasing a contact list to blast everyone with a five-step email sequence where 99.9% of the messages go directly to promotions. One tactic that worked well at Gong and at Brex was direct mail campaigns. If you’ve followed SaaStr for a while, you’ve likely heard of Sam’s champagne campaign , where they sent bottles of champagne to businesses and received crazy high replies. Jameson at Gong recently received a coconut in the mail with some pun about “being nuts if you don’t want to talk to me” from someone wanting an interview to be on his team. Guess what? Jameson called that guy. Jameson also has his team use data from Gong if they are using a more “traditional” format like email or Linkedin so that their messages still “look different” from the others. Tactically, you want to go where your customers are (they’re not going to come to you) and grab their attention in a way they maybe aren’t used to, or haven’t seen yet. For instance, instead of paying for LinkedIn ads based on their ICP, at Rippling, Sam used a tactic where they take the people in their expanded customer base to drive organic word-of-mouth. Here’s how they did it: Rippling has an onboarding tool, so when an existing customer onboarded a new hire, Rippling sends them a new hire NPS survey asking them about their experience with their onboarding tool Whenever Rippling received a survey marked with a 9 or 10, they would ask them to share a post on LinkedIn about the experience to receive a $25 gift card They generated hundreds of “organic” LinkedIn posts from new hire employees about their awesome experiences That $25 was far more effective for seemingly organic posts than paying LinkedIn directly to surface ads. The tactical takeaway: Find ways to differentiate. Be contrarian, get creative, and continually iterate. But do so in a way that also makes sense to what your company’s objectives, mission and goals are to avoid “copy / pasting” campaigns that have worked well for others. #4: Relationships Matter When everyone went remote, visiting customers went to zero. Sales teams weren’t meeting prospects or customers in person anymore to develop relationships, close deals or talk about renewals. This practice of visiting prospects and customers in-person still hasn’t fully returned, so one way to get back to hitting revenue targets is to get on a plane and go visit your customers. You can stand out by just returning to something that people used to on a regular basis. When you meet with a customer over a certain size, the win rates are better. It’s a lot of work, but this mindset shift works well because the conversion rates are high. At Brex, they measured the conversion rates when they visited customers in person. The results? When they visited the customers, they 3x’d and went to a 45-60% win rate. On the flip side, what if your customers or prospects don’t want to meet with you? It actually means you have a massive red flag in your deal because the relationship isn’t there (or doesn’t seem worth it yet.) The tactical takeaway: When you go out of your way to make someone feel important, it has an impact. If you send a coconut or bottle of champagne in the mail, hop on a plane and have a dinner, or write a handwritten note to someone who gave you advice, they’re more likely to reciprocate. Relationships do matter. #5: Show Me The Incentive. I’ll Show You The Outcome. The two most impactful things at Brex and Zenefits were: Influencing demand gen or top of funnel Getting incentives correct If you can double the leads going into next month and everything else remains constant, you’ve doubled sales. That’s easier than doubling conversion rates through a more sophisticated discovery process. And if you can get incentives right, people will perform how you need them to perform to achieve those incentives. Most people think of salespeople when they hear the word incentive. But incentivization should be across the business. Some things cost customers nothing — case studies and referrals — so tie those things into what your customers want. You have to think about every interaction and ensure you’re incentivizing the behavior you want. The things that cost nothing to someone else could mean a lot to you, so identify those things and make them a part of your process. What about internally? At Brex, they started incentivizing based on logo acquisition. They believed customers would organically migrate card spend once approved and activated, but that didn’t happen. So, they switched the incentive to top-line revenue and card spend, and people started migrating card spend faster. The negative consequence of this incentive… Brex provided rebates on card spend, and reps were hitting their goals, which hurt gross revenue margins. So, they changed up incentives again to a gross profit-based incentive. The result? Rebates came way down, and margins went way up. Incentives are evolving, so check in with them from time to time to ensure they’re working how you want them to work. A universally applicable incentive… As employees focus more on the top of the funnel, you see huge returns. Most folks default to an input metric like meetings or sales-qualified opportunities or some metric that’s a precursor to revenue. When you focus on revenue and not precursors to revenue, the result is often more revenue. Key Takeaways: Shift from Work-Life Balance to Revenue Focus: After a period in 2021 known as “The Party”, where salespeople earned more while working less, businesses are shifting focus from measuring effort to emphasizing revenue generation. This shift requires a change in how effort and success are evaluated, with an increased focus on actual impact on revenue. Tracking and Managing Effort: It’s important to set clear expectations for effort and performance early, such as during interviews. This involves being upfront about the hard work required in a startup environment and categorizing employees based on performance to identify areas for improvement. Regular check-ins and performance plans are suggested to motivate and potentially improve underperformers. Diagnosing Growth Bottlenecks: Identifying and addressing bottlenecks in the customer acquisition funnel is crucial. Often, the issue lies at the top of the funnel (pipeline generation) rather than the middle or bottom. Companies should align employee efforts and resources towards addressing these bottlenecks for faster growth. Creative Demand Generation: Standing out in demand generation is key. Techniques like direct mail campaigns and leveraging organic word-of-mouth through customer experiences can be more effective than traditional methods. Differentiation and creativity in outreach strategies are emphasized. Importance of Relationships: With the decline in in-person meetings due to remote work environments, the value of face-to-face interaction with customers is highlighted. Data suggests that customers visited in person are worth significantly more. Thus, reinvesting in personal interactions, even in a digital-first world, can be beneficial. Aligning Incentives with Desired Outcomes: Incentives should be carefully designed to align with business goals, whether it’s generating top-of-funnel leads or achieving sales targets. The incentives must evolve with the business needs and should be revisited periodically to ensure they remain effective.
Brex Frequently Asked Questions (FAQ)
When was Brex founded?
Brex was founded in 2017.
Where is Brex's headquarters?
Brex's headquarters is located at 50 West Broadway Street 333, San Francisco.
What is Brex's latest funding round?
Brex's latest funding round is Unattributed VC.
How much did Brex raise?
Brex raised a total of $1.49B.
Who are the investors of Brex?
Investors of Brex include Pioneer Fund, Greenoaks Capital Management, Technology Crossover Ventures, Y Combinator, Ribbit Capital and 28 more.
Who are Brex's competitors?
Competitors of Brex include Center, Tribal Credit, Clearco, Moss, CrowdCast and 7 more.
Compare Brex to Competitors
Ramp offers credit cards for small and medium-sized businesses (SMBs). It provides companies with higher card limits, saving opportunities, automated expense management, receipt matching, and accounting integration. The company provides its services to startups, enterprises, and other entities. It was founded in 2019 and is based in New York, New York.
Pleo operates as a business spend management platform. It provides virtual cards, expenses, automated expense reports for employees, invoices, and more. It serves industries such as retail, healthcare, technology, and more. It was founded in 2015 and is based in Copenhagen, Denmark.
SAP Concur is a company that focuses on integrated travel, expense, and invoice management solutions. The company offers a range of products that guide employees through business trips, automate invoice approvals, and populate charges directly into expense reports. SAP Concur primarily serves sectors such as education, energy & utilities, financial services, government, healthcare, and technology companies. It was founded in 1993 and is based in Bellevue, Washington. SAP Concur operates as a subsidiary of SAP.
Jeeves operates as an expense management platform offering corporate credit cards. It focuses on corporate-related expenses, including vendor payouts and invoicing. The company was founded in 2019 and is based in Orlando, Florida.
Airbase is a spend management platform operating in the financial technology sector. The company offers a suite of services including accounts payable automation, expense management, and corporate cards, all aimed at controlling spending, closing books faster, and managing financial risk. Its software guides procurement from initial requests to payment and reconciliation, bringing efficiency to complex business processes and accounting needs. It was founded in 2017 and is based in San Francisco, California.
Payhawk provides a spend management platform. It includes credit cards, payments, expenses, cash management, and pre-accounting into one integrated experience. It offers technology to enable finance teams to control and automate company spending at scale. It was founded in 2018 and is based in London, United Kingdom.