SAN FRANCISCO, March 19, 2024 /7Newswire — Brex, the AI powered spend platform for startups and enterprises has been named to Fast Company‘s prestigious list of the World’s Most Innovative Companies of 2024. The company earned the standing of No.4 in the Finance category.
This year’s list shines a spotlight on businesses that are shaping industry and culture through their innovations. These organizations are setting new standards and achieving remarkable milestones in all sectors of the economy. Alongside the World’s 50 Most Innovative Companies, Fast Company recognizes 606 organizations across 58 sectors and regions.
“Since the beginning, Brex has revolutionized how companies manage spending. Our core belief was simple: by deeply integrating fintech and software into a single platform, we could create an amazing customer experience that makes it easy to manage spend at scale, and increase the ROI of every dollar spent. We started as a corporate card, and in six years became the leader in the spend management space,” said Henrique Dubugras, co-founder and co-CEO of Brex. “To be recognized on Fast Company’s Innovative Companies list is a testament to our commitment to our customers across the startup community and global enterprises.”
The first anniversary of the Silicon Valley Bank (SVB) collapse earlier this month demonstrates how Brex has been on the front lines of supporting startups and enterprises alike in becoming more intentional and strategic about managing their finances. Between March 9 and March 16 2023, Brex took in 4,000 customers and $2 billion in deposits, and within 48 hours Brex established a $1B emergency bridge loan to help impacted companies make payroll. More than 90% of the customers that signed up during the week of the SVB collapse are still active Brex customers, and more than 1/3 of customers now use Brex Business Accounts.
Recent product launches have also demonstrated Brex’s commitment to its customer base. Brex’s holistic spend management platform debuted in October 2022 and reached $3B in processing volume less than 3 months after launch. Brex has continued to expand the platform, launching hundreds of new capabilities since it went live, enabling companies to manage global spend, all in one place. Brex has seen a steep increase in customers ranging from high-growth startups to enterprises like Doordash, Indeed, and Coinbase.
To learn more about Brex, visit Brex.com.
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.
About Fast Company
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication Inc., and can be found online at www.fastcompany.com.
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