Technology is shattering legacy financial systems that can't keep pace with market demand - and Brex is at the forefront. It's one of fintechs buzziest startups, aiming to rebuild B2B financial products starting with corporate cards for technology companies.
The company was quietly launched in 2017 by Henrique Dubugras and Pedro Franceschi, two 22-year-old engineers who previously founded Pagar.me, one of Brazil's largest payment processors.
Brex already has more than 1,000 customers signed up with the help of backing from investors including PayPal co-founders Peter Thiel and Max Levchin, early Facebook investor Yuri Milner, former Visa CEO Carl Pascarella, and esteemed startup incubator Y Combinator.
And we caught a glimpse of the Series B pitch deck Dubugras and Franceschi used to win them over.
In it, they lay out a clear problem: Technology startups often had trouble securing corporate credit cards - even if they had millions in the bank - because legacy banks and card issuers wanted to see company credit histories, which young institutions simply couldn't produce.
They had a simple solution: Remove the restrictions of legacy technology by giving instant approval to startups based on their available cash balance, including money raised through venture, rather than credit history.
In the deck, the founders outlined their plans to help startups of all sizes instantly get cards with higher limits, as well as automatic expense management and seamless integration with existing accounting systems.
As part of our coverage of the genesis of today's successful companies, BI Prime received Brex's permission to offer a look into the startup's full 19-slide pitch deck, which includes considerations such as:
- The startup's mission
- Key team members and previous backers
- The size of the market opportunity
- A step-by-step plan of how to solve credit cards for startups
- Some of the card's coolest features
- Data points showing how to scale the business
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