(Lessons we’ve learned while building the business)
While travel and entertainment spend has decreased, subscription software products like AWS have been steadier. As a direct response, Brex has tailored rewards programs to better serve the current needs of our customers.
📹 7 points per dollar spent on remote collaboration tools including Slack, Zoom, GoToMeeting, Gong and Monday
🍔 3 points per dollar spent on food delivery including UberEats, GrubHub, Seamless, DoorDash and Caviar
💻 2 points per dollar spent on recurring software/SaaS such as SalesForce or GitHub
💲 1 point per dollar on all other purchases
We opportunistically raised a
, resulting in ~450 million currently on the balance sheet to weather out the storm.
We are one of the first companies to announce going
We are optimistic about the post COVID landscape. We believe there likely will be a boom in startup formation and challenges with traditional lenders will cause more businesses to look at financial platforms like Brex.
Companies founded during the 2008 recession time period: Airbnb, Uber, Whatsapp, Slack, Square, etc.
Brex customer base continues to grow MoM
2019 marked a highpoint in VC funding. With all of this
in the market, a surge of new startups forming are just a matter of time as VCs begin to deploy capital
Note: dry powder are dollars that VC firms have raised but not invested
In addition to pivoting our own business model - we've recently launched a webinar series, Brexfast in bed, where we explore some of the trends we've seen in the tech space ourselves. Feel free to check out the recordings below!
Check out the latest spot on Brex Cash, our latest product launch: