Henrique Dubugras, co-founder and CEO of Brex, speaks with YC Continuity partner Anu Hariharan about raising Brex's early venture rounds from Ribbit Capital's Micky Malka.
“The first raise was with Ribbit and Mickey. I think a lot of that was, you know, Mickey, we knew for, you know, two, three years. He had seen us in a previous company. It was a lot of a bet on us. Like, hey, in the market is like, hey, you know, these guys seem to be good and are executing the market because we didn't have one line of code. It was, you know, or a PowerPoint is, you know, just literally us selling them.”
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More from Henrique Dubugras
Insight
Dubugras: Relying on Bank Partners Slows Fintechs Down; Build Tech In-House
“If you rely on a banking partner to do something, you will be slowed down more than you think you will. So, you know try to own everything yourself, otherwise our product will be, you know, slowed down by the bank.”
Henrique DubugrasApr 22, 2019▶ 10:24Lessons From a Second-Time Founder: How Brex Went From 0 - $1B in Under 2 Years
AssertionNot checkable as stated
Dubugras: San Francisco Billboards Boosted Brex's Outbound Email Response Rates
“We had actually a higher response rate on outbound emails because we did this billboard campaign.”
Henrique DubugrasApr 22, 2019▶ 17:26Lessons From a Second-Time Founder: How Brex Went From 0 - $1B in Under 2 Years
Insight
Dubugras: Corporate Card PMF Is Execution, Not Demand Discovery
“It wasn't a question of, You know, finding if people need what we're building. It was a question of, can we build what we say we will build, and if we can, we know that a lot of people will want.”
Henrique DubugrasApr 22, 2019▶ 6:58Lessons From a Second-Time Founder: How Brex Went From 0 - $1B in Under 2 Years
AssertionSupported
Dubugras: Brex Manages Credit, Underwriting, and Tech Entirely In-House
“We do the credit, we do underwriting, we do the technology, we do basically everything. We have a banking partner but, you know, we basically do everything. And getting that was like, and being able to control the entire stack was something that we learned fro…”
Henrique DubugrasApr 22, 2019▶ 10:45Lessons From a Second-Time Founder: How Brex Went From 0 - $1B in Under 2 Years
Disclosure
Dubugras: Brex Hired a General Counsel as Its Third Employee
“So we wanted, like, actually our GC hire was our third hire in the company. And it was fundamental for us to get our banking deals and regulatory stuff done because, you know, there was someone that actually knew what they were doing”
Henrique DubugrasApr 22, 2019▶ 12:32Lessons From a Second-Time Founder: How Brex Went From 0 - $1B in Under 2 Years
Disclosure
Dubugras: Brex Hired a CFO as Its First Employee
“And you know, our CFO was actually our first hire because we thought, hey, this is actually a financial business. We have to raise debt. We have to underwrite. We have to do all these things. So, hiring a CFO as, like, our first employee was actually critical …”
Henrique DubugrasApr 22, 2019▶ 12:59Lessons From a Second-Time Founder: How Brex Went From 0 - $1B in Under 2 Years
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