Leading AI-powered spend platform joins list for fourth consecutive year
SAN FRANCISCO, May 14, 2024 /PRNewswire/ -- Brex, the AI-powered spend platform for modern companies, today announced it has earned the No. 4 ranking on the 2024 CNBC Disruptor 50 list.
The annual CNBC Disruptor 50 list highlights private companies using breakthrough technology to meet increasing economic and consumer challenges. In the past year, Brex's spend management solutions have maximized the financial performance of its tens of thousands of customers, including over 100 public companies and one-third of startups in the U.S.*
"From our roots as a corporate card for startups, we've grown Brex to become a global leader in spend management by redefining the way companies manage their finances – saving customers around the world hundreds of millions of dollars and millions of hours annually on spend management," said Pedro Franceschi, Co-Founder and Co-CEO of Brex. "We're honored to be recognized by the CNBC Disruptor 50 for the fourth consecutive year, a testament to the work of our team to revolutionize financial management for global enterprises and startups alike."
The past year marked several significant milestones for Brex. In 2023, the company expanded its platform for customers of all sizes by launching an integrated global travel solution, an AI-powered employee expense assistant, and an accounts payables solution. Brex simultaneously expanded its customer base, now ranging from high-growth startups to enterprises like DoorDash, Indeed, Coinbase, and major sports enterprises like the Boston Celtics.
Amid the Silicon Valley Bank (SVB) collapse in 2023, Brex established itself on the frontlines to support the thousands of affected companies, taking in 4,000 customers and $2 billion in deposits, and establishing a $1 billion emergency fund within 48 hours to help impacted customers make payroll. More than 90% of the customers that signed up during the week of the SVB collapse are still active Brex customers with over one third using Brex Business Accounts.
To learn more about Brex, visit Brex.com.
* Market share of customers activated on Brex out of all US-headquartered startups with <50 employees and have raised a professionally invested round in the last 8 quarters.
About Brex
Brex is the AI-powered spend platform. We transform finance teams from reactive no-sayers to proactive growth drivers. With Brex, companies spend with confidence by empowering employees to make smarter financial decisions from anywhere. Brex provides corporate cards, business accounts, and global payments, plus intuitive software for travel and expenses, that make it easy to plan and track all company spend in one place, in real time. Tens of thousands of companies from startups to global enterprises — including DoorDash, Flexport, and Compass — use Brex to proactively control spend, reduce costs, and increase efficiency on a global scale.
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