Originally, Brex was a startup focused on startups. Specifically, it provided corporate cards aimed mainly at startups and SMBs. Brex gradually evolved its model with the aim of serving as a ‘financial operating system’ for companies.
Brex is also placing greater emphasis on moving upmarket to serve larger customers, as evidenced by its landing DoorDash as one of its first clients. While it will still serve startups, Brex wants to be able to support startups as they grow, as well as enterprises that are already huge.
The majority of Brex’s revenue still comes from interchange fees, but it is expected for the proportion of SaaS revenue and ‘other revenue lines’ to grow over time.
In 2021, Brex combined credit cards, business cash accounts, and new spend management and bill pay software in a single dashboard as part of a service called Brex Premium that cost USD 49 per month. In announcing Brex Empower, the company is no longer offering Brex Premium.
Currently, Empower’s first product is focused on spend management but will evolve over time to have more capabilities such as travel, procurement, payments, and banking access.
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