The Ledger, every show

“And I think as you bring a lot of that data with, you know, assuming AI will get there and essentially operate with human level performance, you won't need anymore this concept of an ERP, and then you effectively have sort of this real time layer into what's h…”

“I think the, you know, it will be the biggest expense in a company, like easily.”

“We bite the bullet and, you know, unfortunately fired, you know, 20,000 customers, but it would not allow us to be where we are today if we hadn't done that before.”

“And today there's three companies on the planet that can do that. Number one is Brex. Number two is Citibank. Number three is American Express. That's it.”

“When you look into the sort of ten-mile radius we're in now and maybe you include New York tons of token consumption and you could probably argue, and we see in the data also faster revenue growth.”

“Sure, if tokens are so expensive, they're going to be, I think over the fullness of time, probably free.”

“You look at where the company is today, you know, the company is growing, you know, 40 to 50%. You know, borderline cashflow positive.”

“And Adyen trades at just below 14 times gross profit. This deal is at 13.4. So, so when you just compare to where all the multiples exist in the range of outcomes of being a public company, this is the very, very top of the range.”

“And then you look on this on day one after closing, Brexit will be the third largest corporate card in the country.”

“And Brex today serves one in three startups in the US.”

“We went from, you know, zero to 300 public companies on Brex and, you know, all the major AI labs are on Brex today.”

“You have existing incumbents in the finance space, like the ERP companies, for example, I don't think they're going to go do that.”

“Here's a crystallized outcome, which is the biggest deal of this size that ever happened in history, and the scale of a bank and a fintech company.”

“The way we build our financial infrastructure, we don't rely on Stripe, on Marketo, or any of these vendors. We literally go straight to the metal and do the money movement directly with MasterCard and local payment rails.”

“We're not going to go public anytime in the next year. It's something coming in the future, but getting ready for this and having the structure in place sooner probably just acclimates everyone to the way we actually run the company day to day.”

“For sure.”

“I definitely want to go through the journey. And I think to realize the potential of Brex I think that's the best path.”

“It's the only bank, if you look at a massive scale, that doesn't run on mainframes. It's actually on cloud.”

“The whole thing from first sort of serious meeting to sign definitive agreement was a little bit over 40 days.”

“The public filings from Capital One, you know, there's nine hundred and fifty million dollars of integration costs and retention and all that.”

“Braxton Ram combined probably have three percent of the U S markets.”

“One in every three startups uses Brex today.”

“And today, you know, we have, you know, roughly 30,000 customers on Brex that use Brex Assistant for expense compliance and, you know over a third of their expenses today are completed by Brex Assistant automatically, which is basically something that would re…”

“You know, I look at a lot of founders that are really successful, and probably the second or third largest reason why startups don't work after product market fit, of course, is founders just burning out.”

“I guess the other one that was interesting for us is we built our first company in Brazil to probably, probably the first, you know, four or five years of the company. We went from zero to, you know, processing, you know, a few billion dollars a year in GMV, a…”

“And it took us, you know, a year to get something that worked. And that's how, you know, ultimately, we closed customers like DoorDash, like Coinbase, like Robinhood, you know, like all these large enterprise customers that would not have traditionally come to…”

“And I think we, in 2021, we basically said, we're going to do that really well. So we're going to go to the most complex use case, which is like, how do we serve a 10,000 person company and their finance team and scale that down.”

“If you go to any Large probably company and you go to the CMO and you say, Hey CMO, where are you on your budget right now? They don't have an answer.”

“I think, you know, I can see why that works, and I would be really surprised if we didn't see competitors in a thirty billion dollar market, to be quite honest.”

“Over fifty billion dollars went through Brex, and that was automatically on budget and in policy, which is 99% of the spend.”

“In 2020 10 and 21 even 22 i think we fell this to some degree where you know we're investing almost a hundred million dollars a year in product”

“We spent so much time in the early years building our whole financial infrastructure from the ground up, like down to the way we talk to MasterCard, down to the way we move money on ACH, down to the way we do, you know, global money movements, settlements, eff…”

“The banks that were, you know, before 2008 more card heavy, it's not a winner takes all market. And again, I think it's too big and dynamics are too different from a marketplace where there's a benefit of like the incremental unit making the product inherently…”

“We build this thing called Crab Trap, which we open sourced probably about two months ago, which is actually the way we use to secure agents at Braxton production.”

“We have like a recruiting agent at Brax called Jim. We have a policy for Jim. And you know, all the traffic goes to that same policy and 98% requests go through automatically, two percent use an LLM.”

“They have, you know, a six billion dollar marketing budget, a six billion dollar R&D budget.”

“So we had very few people. We had probably 15, 20 people in total at the end. And, but the majority of it was just a leadership team.”

“The company was never for sale, right? So they approached us and said, we want to take a look right now.”

“A 130 public companies are also in Brex.”

“We have, using the strategy, we climbed to 80% suggestion acceptance rate on the accounting side today.”

“Overall, it's probably demand generation in the mid-market. If I had to guess. And actually, no, not guessing. This is the bottleneck right now.”

“So it's funny because I grew up in Brazil and, you know, born and raised there. And I started coding as a kid when I was eight or nine, originally hacking iPhones back in the day where they were not sold in Brazil.”

“And then I think over the years, you know, I started working when I was 12 and I told that to my mom and she was like, you're not going to work. There's no way you're going to go do that. And then she came interviewing with me into this company back in 2008.”