It wasn’t long ago when decacorn fintech startup Brex was still making a name for itself helping other startups put together cards for their corporate accounts. The company achieved remarkable things in this limited market, boasting 100% YoY revenue growth last year and nine-figure fundraises. But in the cutthroat world of corporate spend management, it was inevitable that the California-based firm would need to sink or swim.
As of now, the firm has shown that it plans to start swimming . . . and into uncharted waters that might prove highly lucrative for the company and its partners. With the announcement of its spend management program Brex Empower, it has indicated that it plans to bet big on software, diversifying its revenue as it continues to expand.
But stepping into the corporate spend software world is one thing. Bringing a partner as big as DoorDash is another matter entirely.
“The reason that DoorDash bought our product is that the entire software suite is very powerful,” said Brex Co-founder and Co-Chief Executive Officer Henrique Dubugras in an interview. “They don’t see Brex as a card or financial services company but as both a financial services and strong software company.” What’s more, Dubugras claimed, this partnership is just the first of many in the firm’s new approach to offer its products not only to financial neophytes, but to major enterprises throughout the sector.