Brex Fuels Its Speedy Rise With NetSuite

Brex, the Fintech Powerhouse, Fuels Its Speedy Rise With NetSuite

Brex is on a mission to help startups scale faster. In 2017, founders Henrique Dubugras and Pedro Franceschi developed the fintech company, which offers corporate credit cards for startups with 10-20 times higher limits than traditional cards and no personal guarantee. Now with over 400 employees, multiple subsidiaries and offices in the U.S. and Canada, Brex continues to support startups looking to scale faster by, well, scaling faster. To do that, it needed to trade QuickBooks for a more integrated system.

COMPANY

Brex

LOCATION

San Francisco, California

INDUSTRY

Services

EMPLOYEES

250-500

SYSTEM REPLACED

QuickBooks

NETSUITE PRODUCTS IMPLEMENTED

NetSuite ERP
NetSuite Fixed Assets Management

“We decided to switch to NetSuite because we wanted a system to support where the business was going.” Kevin Moore, Controller, Brex

Building a System for Long-Term Growth

Customer demand quickly materialises: The startup market embraced Brex’s alternative credit options, allowing the company to hit $10 million in annual recurring revenue (ARR) only 18 months after its launch. Current Brex customers and partners include highly-respected technology companies like Airbnb, ClassPass and Flexport. To fund continued growth, Brex has raised over $465 million in venture capital funding to date.

Growing pains in accounting: Brex faced growth challenges similar to those of its customers, such as managing the increasing financial complexity of a multi-unit business, which was not possible on QuickBooks. Leadership needed a technology platform to automate and organise essential accounting processes across different units, countries and compliance structures.

Built-in checks and balances: The Brex team identified an ERP solution as the best way to support long-term growth. NetSuite’s accounting software provided checks and balances across journal entries, customised integrations with Brex’s bank partners, and matrix reporting, which offers a more detailed view of how Brex’s products are performing financially.

A clear path forward: Brex is ready to grow further, as its team is now able to easily perform advanced accounting functions like revenue recognition and fixed assets management in NetSuite. Those functions, along with the ability to analyse the performance of specific products, business units and customer segments, allow Brex to make smart decisions about how to expand next.