Supplier of monetary services Brex On Thursday, he announced that he reached the main milestone: he is currently licensed in the European Union. This implies that it could now spend directly credit and debit cards and offer its products for the management of the expenditure of each company in all 30 EU countries with “without required bypass”, as the co -founder and general director of Pedro Franceschi wrote In the post on the blog.
While the startup of corporate expenditure management previously supported 60 currencies in 200 countries, it could only sell its products to US corporations.
With the extension, BREX is now authorized to sell expenditure management (including issuing cards) and other tools, resembling settled payments for EU corporations and startups, says TechCrunch spokesman. However, there is a reservation: banking and account remuneration won’t be initially available. The company hopes to introduce these services in the future.
Although this is excellent news for Brex, this will likely even be excellent news for European startups. Brex’s claim to Sława offers startup expenditure management card for their employees, even if they didn’t qualify for traditional banks yet. Without a checking account offer, the youngest EU startups will have to consider their options.
Then Franceschi says that he wants to expand BREX in Great Britain, although he didn’t offer any details about these plans.
Franceschi – he said in December That Brex is on the right track to stop burning money in 2025, “an important milestone for our future IPO”.
In February, the sources informed various information points that Brex was on the right track to this yr for $ 500 million in revenues. This is quite a turn from a shaky moment in 2023, when Brex carried out the dismissals and apparently told employees that his combustion of money is too high. However, there was no tip when it might occur.
Brex’s competitive win on the international market appears because its American competitors have a general moment. The ramp collects money from VC, resembling MAD, achieving a quote price $ 22.5 billion just 45 days after the round with a valuation of $ 16 billion. In March, Mercury raised a fresh $ 300 million and doubled his valuation to $ 3.5 billion.
Brex has not announced public financing of VC capital since 2022, when it collected $ 300 million in the D-2 series round with a valuation of $ 12.3 billion. However, it sold a latest $ 260 million bond March 2024Packed from receivables for managing expenses that are used to manage this intense business.