by CatsOnHats
3 subcomments
- Brex literally came to us one day in 2022, and notified us that "We have 6 weeks to move everything off their service" they told us boldly they are refocusing on the enterprise market and we were only a "SMB". The guy who literally told us this framed it as a good thing for us like it was some sort of weird break up.
At the time we had signed a large enterprise agreement not long before that, and we even were advertised as a enterprise customer testimonial. When we mentioned that he said it was final. They ghosted us apparently and from what i heard a bunch of companies were the same somehow no longer acceptable for their services. I had a friend who worked for a very large F500 company who also got a similar treatment.
Ironically i had a friend a tiny crypto startup that somehow was allowed to stay despite not meeting their requirements.
- Brex rejected my application to open a bank account in 3 different occasion.
mercury.com provided me the B2B account within the day and the product and UX is awesome.
by tschellenbach
1 subcomments
- Feels like they were first in the space but then somehow Ramp ran away from dev with a higher dev pace. Fascinating to see.
- So, they got Greenlight, Discover, and now - Brex. They are turning into a financial powerhouse.
by blindriver
1 subcomments
- The investors all have liquidity preferences so the ones that invested at higher valuations didn't lose any money.
But all employees after 2021 are underwater. I wonder if they got any relief from management or if they got screwed.
- Wow why did it go for so much less than the last valuation? Is the overall market turning bad or is it just a Brex thing?
- That's less than half of Brex's crazy $12.3 billion peak back in 2022.
But honestly, it’s still one of the biggest fintech deals ever and actually gives people real money in a market where most unicorns are just stuck. The founders are reportedly splitting about $1 billion each, early investors (2017-2018) are getting 12-80x returns, and YC’s tiny $120k seed turned into ~$100 million (800x, insane TBH). Even later folks (especially the 2021-2022 crowd) are breaking even (at least) or getting a little upside thanks to some 2024 RSU top-ups.
- Feels like a great outcome for Brex. Mercury and Ramp seem to have been chipping away at their leadership position in recent years, so I wonder how their growth trajectory changed over that period.
- Sold for $5.15B.
Brex last raised $300M in Oct 2021 at a $12.3B valuation.
by rishabhparikh
1 subcomments
- Tough outcome for many involved given peak valuation @ 12B
- Why are people saying this seems like a bad deal?
If they really only raised $1.7b, per Crunchbase, then this seems to me like a very good outcome for everyone involved except its late stage investors. And, even for the late stage investors, they're breaking even.
- I guess it's not a bad Brexit.
by toomuchtodo
0 subcomment
- https://www.ycombinator.com/companies/brex
https://www.clay.com/dossier/brex-funding
https://www.brex.com/
- Fintech trading poorly. Also Brex didn't successfully make the AI pivot like their competitors at Ramp
by pizzathyme
0 subcomment
- Congrats to the Brex team and the YC partners that supported them!
- Ramp valued at $32B is a joke. Hopefully this sets a realistic benchmark for valuation. All Ramp did was spend more on ads and marketing. And CEO is now claiming their "AI Agents" are going to do something meaningful.
- This looks like a bad deal for Brex as they were valued at 12 billion.
Capital One got a nice discount.
by LgWoodenBadger
2 subcomments
- Capitalone is going to need something to make up for switching all their debit cards from MasterCard to Discover
- Brex's CTO recently came on LS to talk about their AI strategy and tech: https://latent.space/p/brex
by 0x100001011
0 subcomment
- Conditional anti-trust approval reflecting NXP unsolicited bid.
https://web.archive.org/web/20190827190311/https://www.wsj.c...
by SaaSasaurus
0 subcomment
- Brex CEO Pedro Franceschi gets bonus points for using the phrase “maximize founder mode” in a press release sentence that also includes “mainstream economy.” Really, it's an elite-level vibe straddle.
- Should they have continued growing for a while before selling or was now the best ever time?
by whalesalad
2 subcomments
- Years ago I took a chance on hiring an engineer fresh out of a software bootcamp. Turned out to be one of the best engineers I have ever worked with - so much tenacity and thirst for learning new things. They went on to join Brex when the company was just starting out. What an awesome exit!
Mavis Beacon Approved
https://m.xkcd.com/2206/
- Brexit 2.0
- Capital One are scumbags. I'm glad they are dying and spending their money on dying companies at the same time. Less than half valuation, lol.
by testfrequency
2 subcomments
- Does this mean Stripe is worth $1B?
- so are the founders and employees fucked? wasn't this company valued at like 12b?
- More consolidation. What the end user needs.
- They refused my business because I didn't have SV VC money
Chase got it instead, but they are losing it next month because of their shenanigans and greed
Wish crypto hadn't been co-opted by the same people and worse
by 1vuio0pswjnm7
0 subcomment
- Alternative to archive.md:
https://www.msn.com/en-gb/money/other/capital-one-strikes-5-...
Text-only:
https://assets.msn.com/content/view/v2/Detail/en-in/AA1ULTnJ...
by churchill
2 subcomments
- Pretty steep haircut from their $12b peak in 2022. And that's before you factor in their revenue that's grown 2.5* from ~$312M in 2022. If their figures are to be believed, Capital one is getting an asset growing 50% YoY, for just 7* revenues.
Maybe just pull a Bending Spoons after the acquisition, layoff most of the staff, and bring a lot of ops in-house and they'll be in profit ASAP.
by ChrisArchitect
0 subcomment
- Brex post: https://www.brex.com/journal/brex-and-capital-one-join-force...
by elzbardico
1 subcomments
- [flagged]
- [flagged]
Hacker News