Overview
As with any investment, your capital is at risk. Past performance is not a guide to future returns.
Image courtesy of Brex
Brex is a financial technology (fintech) company providing corporate cards and spend management tools for processing and managing business expenses and financial operations.
Its platform is built on top of modern banking infrastructure, enabling users to process, track and analyse business spending. This allows companies to manage corporate expenses and financial operations across various payment methods and currencies.
Brex makes it easier for companies to manage their money, track expenses, and handle payments through its platform.
Key facts
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First invested |
April 2021 @ $7.4bn valuation |
|
Capital deployed |
$20m |
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Last public valuation |
$12.3bn (January 2022) |
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Headquarters |
Salt Lake City, UT, USA |
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Founded |
2017 by Henrique Dubugras and Pedro Franceschi, two Stanford dropouts, following their first successful payments business |
Operational
- In June 2024, Brex announced a partnership with Stripe Atlas to deliver faster banking access for startups. Stripe Atlas is Stripe’s service that enables entrepreneurs to set up a business in the US from anywhere in the world quickly and at low cost.
- Brex now serves over 150 public companies and has a global financial infrastructure spanning 50-plus countries. Anthropic, Arm, Robinhood, ServiceTitan, Sonos, Wiz and more selected Brex as their modern spend platform. In total, Brex’s enterprise customers have an estimated market cap of more than $2.9tn.
- Internally, Brex has streamlined its sales structure by removing two management layers. At the same time, its net promoter score (NPS) improved during 2024.
Financial
- Revenue growth accelerated nearly threefold in 2024, with net revenue retention increasing by over 15 points. Its enterprise business (its largest customers) grew revenue by 80 per cent.
- Sales efficiency and customer acquisition cost (CAC) paybacks improved by 40 per cent, while its cash burn rate reduced by almost 70 per cent. The company expects 2025 to be the final year of cash burn.
Important information
The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised or regulated by the Financial Conduct Authority. The value of their shares, and any income from them, can fall as well as rise and investors may not get back the amount invested.
Unlisted investments such as private companies, in which the Trust has a significant investment, can increase risk. These assets may be more difficult to sell, so changes in their prices may be greater.
Further details of the risks associated with investing in the Trust, including a Key Information Document and how charges are applied, can be found in the Trust specific pages at www.bailliegifford.com, or by calling Baillie Gifford on 0800 917 2112.
