Corporate card company Brex has announced its expansion into the region of Europe in a strategy to build towards an initial public offering (IPO).
Following this announcement, the European expansion is expected to open up a market worth as much as USD 5 billion a year in additional revenue, as Brex aims to close in on its first period of profitability.
In addition, Brex is planning to take share from incumbents such as American Express, which are currently profitable in the corporate card market. The company will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
More information on Brex’s European expansion strategy
This announcement follows Brex’s PI licence in the EU region, which reflects its initiative to serve businesses and companies across several key international markets. With the approval, the finance platform was authorised to operate across the entire EU, as well as to issue commercial credit cards and offer payment origination capabilities, including direct debits and credit transfers.
Furthermore, the PI licence reflected Brex’s strategy to serve more companies across Europe in a way that’s compliant with the regulatory requirements, as well as the local and global laws of the industry. The company also offered its full range of products, such as corporate cards, expense management, and treasury tools, to enterprises that are originated and based in the region.
Brex is currently exploring the possibility of securing a separate licence and supporting UK-based customers in the near future, as part of its commitment to product expansion and growing into new markets.
