Brex Inc.
Business Model Analysis
How Brex Makes Money
Brex generates revenue primarily through Corporate Cards.
Core Growth Engine: Brex's growth since 2024 has come from enterprise customers, international companies and partners. It serves more than 300 public companies, holds an EU payment institution licence obtained in August 2025, and distribute...
Revenue Model & Pricing
Brex makes most of its money from interchange, the fee a merchant's bank pays each time a Brex card is used. Sacra estimates Brex collects about 2.7% of card volume as gross revenue and keeps roughly 65% gross margin after paying its issuing and network partners. Software is a growing second stream: Brex Essentials is free, while Brex Premium costs $12 per user per month and adds approval chains, live budgets, AI expense audits and travel policies. Brex also earns fees from the partner banks and funds that hold customer cash, and transaction revenue from bill pay. The card is the entry point; software, banking and payments are sold as the customer grows.
Core Revenue Streams
Card interchange
Majority (undisclosed)Fees paid by merchants' banks when customers use Brex corporate cards. Sacra estimates gross take of about 2.7% of card volume before partner costs.
Software subscriptions
Growing share (undisclosed)Brex Premium at $12 per user per month, plus enterprise contracts for spend management, approvals, travel and accounting automation.
Cash management and payments
UndisclosedFees from partner banks and funds that hold customer cash in Brex Business Accounts, and transaction revenue from bill pay.
Growth Strategy
Brex's growth since 2024 has come from enterprise customers, international companies and partners. It serves more than 300 public companies, holds an EU payment institution licence obtained in August 2025, and distributes its cards through other software: Brex Embedded partners include Navan, Zip, Coupa and Sabre, and Brex is the default commercial card for Fifth Third Bank's commercial clients, according to Sacra. Under Capital One, the plan is to reach far more mainstream US businesses through the bank's distribution.
How Brex Makes Money: FAQ
How does Brex make money?
Mainly from interchange, the fee paid on each card transaction. It also sells software subscriptions, earns fees on customer cash held at partner banks and funds, and takes transaction revenue from bill pay.
How much of each card transaction does Brex keep?
Sacra estimates Brex collects about 2.7% of card volume as gross revenue and keeps roughly 65% gross margin after its issuing and network partners take their share.
Is Brex free?
The card and the Brex Essentials software tier are free. Brex Premium costs $12 per user per month and adds approval chains, live budgets, AI expense audits and travel policies; enterprise pricing is negotiated.
How does Brex set credit limits?
From a company's cash balance and financials rather than a founder's personal credit score, and without a personal guarantee. That was the original selling point for startups with cash but no credit history.
Is Brex a bank?
Brex itself is not a chartered bank. Customer deposits sit with partner FDIC-insured program banks and a money market sweep run by Brex Treasury LLC. Since April 2026 Brex has been owned by Capital One.
How does Brex make money if it doesn't charge fees?
Brex generates massive revenue primarily through interchange fees (taking a small percentage from the merchant every time a startup swipes a Brex card), rather than charging the startups direct fees or interest.
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