The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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Brex will surpass Concur's $1.5B revenue mark through interchange monetization
“If Brex continues on our current run rate, like we're going to eclipse that much, much faster by winning their customers, but monetizing through the interchange, not through generic software revenue.”
Brex is the only next-gen card company owning its financial infrastructure
“The way that we differentiate against our competitors is the fact that we're the only next gen Category-defining company that owns our own financial infrastructure. Vertically integrated, so to speak. And what that means is getting super technical is that we d…”
Majority of Brex revenue comes from interchange fees despite multiple products
“And so when you think about Brex and what we're doing, the majority of our revenue is through interchange, even though we have a number of other product lines.”
Amex acquired spend startup Center for $600M at under $20M revenue
“Amex bought a company called Center that had less than twenty million of revenue for six hundred million.”
Capital One's Discover acquisition creates the largest US credit card issuer
“The first one that comes to mind is Capital One and Discover. Huge deal. This is not a tuck in. This like materially changes their whole business model. And the reason is because it creates the largest credit card issuer by loan volume, because it allows Capit…”
Mature Brex cohorts spend 60% more than they did on Amex
“For mature cohorts, Customers are spending 60% more on their Brex cards than they were on Amex in the last month that they were on Amex.”
Sequoia's Shaun Maguire helped structure Stripe's acquisition of Bridge
“I mean, like one of the most interesting parts about the Stripe bridge deal was that it seemed that the, one of the investors from Sequoia on both boards was like pretty instrumental in helping to get that deal done, which you don't see very often. And it's a …”
B2B stablecoin adoption will take much longer than consumer adoption
“Of course, stable coins will become a mainstay for B to B companies, but I believe it will take a lot longer.”
Only 22% of spend on Brex is travel and entertainment
“When you look at the spend on Brex, actually only 22% of it is what we call T and E spend.”
DoorDash spends many multiples more on Brex than it did on Amex
“DoorDash, one of our beachhead customers, they've been on Brex for now three years. They're spending many multiples more on Brex than they were on their American Express.”
Brex has multiple business lines each generating over $100M in revenue
“We now are a multi-product company in the sense of we have more than two business lines at over a hundred million in revenue.”
Brex's enterprise business is growing over 100% with 130% net revenue retention
“So I'm very proud that our enterprise business is growing over a hundred percent and our NRR in the segment is over a 130%.”
The Federal Reserve will cut interest rates twice in 2025
“Obviously Trump is pretty loud on X and on Trump social around like pushing rate cuts, but I don't think Powell's gonna give into that. So my gut says two.”
Waymo will be operating in six cities by the end of 2025
“I think that I love the product, but also it seems like the speed at which they're iterating is increasing. So I'm going to go with six.”
Google X spinoff Iyo is suing Jony Ive and OpenAI
“There was a lawsuit against a company called IO that or sorry, the company called IO that spun out of Google X is suing John Ives and OpenAI, and that was a headphone company, like an earbud company.”
Levy: Brex partnered with First Republic in 2018 against SVB
“We just signed a partnership with First Republic Bank. And I said, okay, interesting, but aren't you guys like a, Year old startup. And he's like, yeah, they want to compete more with Silicon Valley bank, who has an all in one suite of banking and corporate ca…”
Sixty percent of Brex customers are non-digitally native businesses
“So one stat that we're super proud of is now, 60% of our companies are outside of what we call like digitally native companies, which I think is a big accomplishment given how, how old we are.”
Carta data shows early-stage tech acquisitions are up 200% year-over-year
“Essentially there's 200 plus companies in tech that are like seed all the way to series B that have been acquired year to date, which is up 200% year over year.”
Levy: Billion-dollar-plus tech M&A is up 68% year-to-date
“Billion-dollar-plus tech M&A is up 68% year-to-date.”
Paylocity acquired Airbase for $300M with approximately $15M in revenue
“Paylocity bought a company called Airbase for three hundred million, and they had about, I think it was like fifteen million of revenue.”
Brex and Navan had 2,000 mutual customers before launching their partnership
“Navon, literally the president over there, Michael, he's become a good friend of mine, came to us a year and a half ago, and we had like 2000 mutual customers”
Stripe and Shopify were each valued at $1B when they partnered
“Stripe did a partnership with Shopify and they were both actually valued at a billion dollars when that partnership started in around 2013, 20, 14 ish.”