Unlike American Express, Brex pioneered a free-card model and monetized transaction volume at roughly 2.7% interchange rate, using this as a wedge to penetrate early-stage companies before capturing upside as they scaled. The company has successfully expanded beyond startups to enterprise customers, with enterprise business revenue growing 80% year-over-year in early 2025, now serving over 150 public companies and industry leaders with a combined estimated market cap exceeding $2.9 trillion.
Software revenue is growing as a share of the mix, though interchange remains the majority, demonstrating successful diversification. Brex's automation has freed over $163M in annualized salary costs and saved customers 208,000+ hours per month, with nearly 70% of expenses handled without human intervention. However, the acquisition at $5.15 billion represents a 58% markdown from peak valuation, and integration with Capital One will shape future strategy.
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