Fintech Brex Bets Big On Software, Lands DoorDash As A Customer

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We’re very focused on signing up net new large enterprise customers,’ CEO says. Today, decacorn Brex revealed that it is making a big push into financial software with the release of a new spend management product called Brex Empower. And it’s making the leap with one high-profile customer already signed up called DoorDash.

Originally, Brex was a startup focused on startups. Specifically, it provided corporate cards aimed mainly at startups and SMBs. Brex gradually evolved its model with the aim of serving as a “financial operating system” for companies. Historically, it has generated its revenue from interchange fees.

“We’re very focused on signing up net new large enterprise customers and DoorDash is the first of many, with lots to come,” Brex co-CEO and co-founder Henrique Dubugras said in an interview. “It’s extremely important to us. The reason that DoorDash bought our product is that the entire software suite is very powerful. They don’t see Brex as a card or financial services company but as both a financial services and strong software company.”

The majority of Brex’s revenue still comes from interchange fees, Dubugras said. But he expects that the proportion of SaaS revenue and “other revenue lines” will grow over time.

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