Brex Announces Significant Growth with Two Product Lines at $100M of ARR
Brex has signed on leading companies to the platform including Coinbase, DoorDash, Generations Healthcare, GoGuardian, Indeed, Lemonade, SeatGeek, TuSimple, and more.
SAN FRANCISCO, May 31, 2023 /PRNewswire/ -- Brex, the first fully unified global spend platform, today announced significant momentum and growth of two of its products — Empower™, Brex's spend management platform, and Brex business accounts — which have each achieved $100M in ARR.
In the year since its launch, Empower has been adopted by some of the largest and most innovative companies. Leading enterprises like Coinbase, DoorDash, Generations Healthcare, GoGuardian, Indeed, Lemonade, SeatGeek, TuSimple, and more are using Empower to control their spend, close the books faster, automate compliance and keep their teams on budget globally.
"In Empower's first year, we've helped companies manage all of their spend on one platform and future-proof their businesses, which is more important than ever in the current challenging macroeconomic environment," said Henrique Dubugras, co-founder and co-CEO of Brex.
Since implementing Empower, customers have, on average, attained a 145% increase in overall spend compliance and are saving 400 hours every month when closing the books with Brex's industry-leading accounting automation. Managers have also achieved a tenfold reduction in the amount of time it takes to review expenses.
Additionally, Brex businessaccounts — cash management accounts with a suite of money movement tools across ACH, wires and checks — have seen rapid growth due to the ease of use and up to $6M in FDIC insurance coverage. Recently, Brex has also added the ability to manage complex payment approval flows within its business account product.
"Companies are seeking a new paradigm for their bill pay and cash management in the wake of this year's banking crisis, and Brex business accounts check off all the boxes businesses are looking for," added Dubugras.
Customers are obtaining meaningful value from Brex's growing product lines. Teddy Collins, Vice President of Corporate Finance at SeatGeek notes, "We're a cloud native company, and that means we follow a best-in-breed solutions approach to our finance and other systems. Brex Empower is a new class of product with an employee-friendly UX/UI that allows people to see exactly how much money is left in their budget and allows them to actually spend that money, while letting us track it and do pre- and post-purchase review."
Brex has announced several enhancements to Empower in the past year, including:
More information about Brex's products are available at www.brex.com.
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