IPO hopeful Brex scored major win to sell in the EU, plans UK expansion
While the corporate spend management startup previously supported 60 currencies in 200 countries, it could only sell its products to companies with a U.S. presence.
With the expansion, Brex is now authorized to sell spend management (complete with issuing cards) and other tools like embedded payments to EU companies and startups, a spokesperson tells TechCrunch. However, there's a caveat: banking and bill pay will not be initially available. The company hopes to roll those services out in the future.
While this is good news for Brex, it may also be good news for European startups. Brex's claim to fame is offering startups expense management cards for their employees even if they wouldn't yet qualify from traditional banks. Without a bank account offering, the youngest EU startups will still have to weigh their options.
Next up, Franceschi says he wants to expand Brex in the U.K., though he offered no specifics on those plans.
Franceschi said in December that Brex is on track to stop burning cash in 2025, 'an important milestone to our future IPO.'
In February, sources told various news outlets that Brex was on track for $500 million in revenue this year as well. That's quite the turnaround from a shaky moment in 2023 when Brex conducted layoffs and reportedly told employees that its cash burn was too high. There has been no hint yet as to when that IPO may take place, though.
Brex's competitive win in the international market comes as its U.S. fintech competitors are having an overall moment. Ramp has been raising money from VCs like mad, hitting a $22.5 billion valuation around just 45 days after a round with a $16 billion valuation. In March, Mercury raised a fresh $300 million and doubled its valuation to $3.5 billion, too.
Brex has not publicly announced new equity VC funding since 2022, when it raised $300 million in a Series D-2 round at a $12.3 billion valuation. It did, however, secure a fresh $260 million worth of debt in March 2024, backed by its spend management products, to help it pay for its cash-intensive business.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
22 minutes ago
- Yahoo
Liverpool's clever new tactic to FORCE Alexander Isak transfer
Liverpool appear to have a new strategy to sign Alexander Isak. It's a clever tactic that might just work. Liverpool are eager to sign Alexander Isak this summer but Newcastle United aren't making it easy. For whatever reason, they're not keen to lose their star player. Making things worse is the fact that Newcastle have not found a suitable replacement. Or even a replacement of any kind - an unsuitable replacement would be an upgrade at this stage. Shop the LFC Store LFC x adidas Shop the home range today! LFC x adidas Shop the goalkeeper range today LFC x adidas Shop the new adidas range today! 🔴 Shop the LFC 2025/26 adidas home range The Magpies have tried and failed to sign several strikers in this window, including Hugo Ekitiké. Their pursuit of Benjamin Sesko is the latest to end in failure as he prepares to join Manchester United. It creates an awkward situation. Isak very much wants to leave and is pushing for an exit. Newcastle are very aware of this and all reports suggest he can leave if they find that replacement. They're not keen to have an upset player on their books. The money would be far preferable if (there's that word again) they're able to use it. 🔴 Shop the LFC 2025/26 adidas away range Liverpool try a new tactic Which brings us to Liverpool's pursuit of Bradley Barcola. L'Équipe claim there's strong interest there in getting a move done this summer. Any deal would cost around €100m as Paris Saint-Germain rate the player highly. Not an easy deal, then, but a possible one as Barcola isn't currently one of the leading stars at PSG. But this simply must be the Isak money. There are no reports anywhere suggesting Liverpool could sign both and that the money is there for two €100m+ transfers. Which means this is actually a pressure tactic. At least initially. It's a message to Newcastle that if they really do want the money, they'll need to open the door further. Otherwise they risk losing out entirely and finding themselves in a much weaker position down the line.
Yahoo
22 minutes ago
- Yahoo
Citroen urged to fix 'chaotic' recall and pay compensation to affected drivers
Citroen has been told to improve its "chaotic" and "shameful" recall over a potentially fatal airbag safety fault. Consumer champion Which? wants the government to intervene if Stellantis, the car brand's parent company, does not improve the process for fixing the fault and offering customers compensation.A "stop-drive" recall was issued in June for all Citroen C3 second-generation and DS 3 first-generation vehicles made between 2009 and 2019 due to the risk of the airbag rupturing in a collision, which can cause injury or death. All affected vehicles are expected to be fixed by the end of next month. Customers were told to "immediately cease using their vehicle", but Which? has raised concerns over how this message has been shared. It says it has spoken to several distressed drivers, including the mother of a premature baby who needs hospital treatment and a woman caring for her terminally ill husband, who have been left without transport for weeks or months and forced to hire cars and taxis. A few owners who told Which? they were being offered compensation said they were getting a maximum of £22.50 a day - far less than the cost of car hire in most regions. Sue Davies, head of consumer protection policy at Which?, said: "From people left stranded with no means of transport, to those paying out a fortune to hire cars and taxis, the emotional and financial burden of this recall has fallen squarely on those least able to absorb it. "Stellantis must urgently confirm it will pay compensation for alternative transport as well as offer practical solutions, such as offering at-home repairs or towing affected cars to garages. If not, many people will see no alternative but to continue driving cars that are potentially very dangerous. "The government needs to step in and hold them to account to ensure UK consumers have much greater clarity of what they need to do and what they are entitled to - and are never left in this position again." The Driver and Vehicle Standards Agency, the government body that oversees car safety recalls, told Money it was in contact with Citroen on how it is managing the recall. "We have received reassurances the company is working hard to arrange repairs and minimise disruption for vehicle owners. However, we know there is more that can be done and we continue to reinforce their responsibilities under the code of practice," it said. "We urge all owners of affected vehicles to follow Citroen's advice. To check if your vehicle is affected, car owners can use the checker on Citroen's website." The Department for Transport told Money that Heidi Alexander, the transport secretary, and Lilian Greenwood, future of roads minister, were "actively engaging with manufacturers and industry leaders to ensure any disruption is kept to an absolute minimum". It added: "We understand how frustrating these recalls are for those affected. The safety of those drivers and their families remains the transport secretary's top priority." Stellantis said: "The company's focus remains on completing the replacement of airbags in affected vehicles as swiftly as possible. "Our Citroen network is fully engaged in maximising the number of cars that can be completed every day and, to increase our repair capacity even further and minimise as much as possible the impact on customers, our Peugeot network is now authorised to replace airbags on these cars in addition to at-home options. "For each and every customer, we discuss options to support mobility, recognising that every driver has specific requirements. These options include replacement airbags at a dealership or at home, courtesy car, support for other mobility options and recovery. We give priority to those with the most urgent needs." If you are unsure if you've been affected by the recall, you can contact a Stellantis dealership, which will check for you, or visit the official recall site for your specific vehicle brand.
Yahoo
22 minutes ago
- Yahoo
Cheap Eats: Top chef on why Rick Stein is the 'real deal' and how you should complain
Every week, our Money team interviews top chefs from around the UK, hearing about their cheap food hacks, views on the industry and more. Today, they speak to the co-founder of Genuine Restaurants Group, Sam Harrison... My favourite cheap eat is... Burnt on Askew Road in Shepherd's Bush, west London - it's a great spot for brunch or lunch. I can have breakfast and a coffee or a stunning sandwich and juice for lunch for under £15. It is independently owned and the owners work really hard. It's exactly the sort of place we should be supporting. I will always have a weakness for Pizza Express... I think it goes back to my childhood and how long the brand has been around. When I order an American Hot pizza, I know exactly what I'm going to get. We serve complimentary filtered still and sparkling water... as I think a lot of people are tired of being forced to drink expensive mineral water and then charged for service on top. It is very important for guests to say there and then if they are unhappy... or would like something changed. Mistakes can happen and any good restaurant will want to get it right there and then. I fully understand some people find it awkward or embarrassing to say anything, so restaurants should make it very easy and comfortable for them. It is about caring for your guests. Google reviews are very important but... there is nothing to stop false reviews. We have had reviews posted that weren't even for our restaurant and getting them removed is almost impossible. You have to work and strive every day to be the very best you can to survive in hospitality in 2025... It is as simple as that. A lot of restaurants are closing and more will. Those who deserve to will survive, but it's tough at the moment for everyone. If I were prime minister for the day... I'd lower VAT for a start, and also I'd want to open up the flow of workforce to make it easier to recruit and retain staff. I'd also look at tax incentives for entrepreneurs to help support businesses to grow and thrive. Each time we open somewhere new, we create jobs and boost the local economy and the government needs to support this and to make the reward more proportional to the risk. Rick Stein is... the real deal. Rick and his ex-wife Jill taught me almost everything I know about running restaurants. Every day they showed me the importance of hard work and how it never stops. If you want to be the best, then you have to be setting standards day in and day out. Obviously Rick is famous as a chef, but he is also a brilliant people person - he just really gets people. Rick and Jill always put their guests first, as all hospitality owners should. One thing I hate customers doing is when they... click their fingers… yes, it is still a thing. A good restaurant should have good wines at all levels and all price points... I am very proud of our house wine at £29, but I think the more expensive wines do reflect even better quality. More Cheap Eats: I like restaurants where the mobile reception doesn't work... It's fun to take photos to remember the occasion, but it's nice to see diners enjoying each other's company and chatting without a phone in sight too. Customers eat out a lot more now... and have so much choice in terms of restaurants and also delivery. So you have to work harder than ever to win them over as regulars. But I think that is a good thing. On the whole, we are very lucky because we have incredible guests who have been coming to my places for 20 years. They must like what we do!
