Brex vs CRED: Revenue, Profit and Business Model
A full-year revenue figure is unavailable here for Brex. CRED had ~$317.3M of annual revenue in FY2025 and a net loss of ~$169M.
Latest financial snapshot
Financial summary
Brex
Brex never published audited results as a private company. Sacra estimates annualized revenue slowed to $312 million in 2022, growing 30%, while the company was reportedly burning about $22 million a month. After the January 2024 restructuring, growth picked up: Brex said in February 2025 that enterprise revenue rose 80% with net revenue retention near 140%, and Sacra estimates total annualized revenue reached $700 million in August 2025, up 50%. Brex turned operating-cash-flow positive for the first time in October 2025, according to Sacra. Before the sale it raised about $2.3 billion in equity. Capital One paid $5.15 billion, roughly 58% below the $12.3 billion valuation of 2021.
CRED
CRED's revenue has climbed from ~$11 million (₹95 crore) in FY21 and ~$49 million (₹422 crore) in FY22 to ~$172 million (₹1,484 crore) in FY23 (total income), ~$287 million (₹2,473 crore) in FY24 and ~$317 million (₹2,735 crore) in FY25. Growth slowed to 16% in FY25, but the company cut its operating loss by 51% to ~$34.6 million (₹298 crore) and reported gross margins of about 70%. Total loss, which includes ESOP costs and depreciation, narrowed 11.5% to ~$169 million (₹1,457 crore). Funding history tracks the same arc: the valuation peaked at $6.4 billion in 2022, fell to about $3.5 billion in a $72 million GIC-led round in May 2025, and recovered to about $4.5 billion post-money when Meta led a $900 million Series H in June 2026 (roughly $500 million primary and $400 million secondary). Kunal Shah said at the time that annual revenue had crossed ~$371 million (₹3,200 crore), without naming the period.
Revenue and profit by year
Brex
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 run-rate | $700M | — | — | — | Source |
| FY2024 run-rate | $466.7M | — | — | — | Source |
| FY2022 run-rate | $312M | — | — | — | Source |
Where the revenue comes from
Brex
- 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
Undisclosed
Fees from partner banks and funds that hold customer cash in Brex Business Accounts, and transaction revenue from bill pay.
CRED
- Lending distribution
Not formally reported
Fees on CRED Cash personal loans and other credit underwritten by partner banks and NBFCs.
- Payments
Not formally reported
CRED Pay checkout, UPI and bill payments, where merchants and partners pay processing or marketing fees.
- Financial product distribution
Not formally reported
Insurance, mutual funds through Kuvera and other products.
- Brand partnerships and commerce
Not formally reported
Advertising, rewards and the CRED Store. Total revenue was ~$317 million (₹2,735 crore) in FY25.
Business model and strategy
Brex
How it makes money
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.
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.
Competitive advantage
Brex's main technical advantage is its own card-issuing stack. It integrated directly with Mastercard rather than relying on a third-party processor, which lets it issue local corporate cards, settle in local currency and reimburse employees in more than 50 countries. That matters to multinational customers such as Anthropic, Arm and Robinhood.
CRED
How it makes money
Paying a credit card bill on CRED is free, and members earn CRED Coins and rewards for doing it. The bill-pay habit is the acquisition engine; revenue comes from what CRED sells to that audience. The largest streams are: (1) lending distribution, where CRED acts as a lending service provider and earns fees on CRED Cash personal loans and other credit underwritten by partner banks and NBFCs;
Growth strategy
CRED grows by selling more products to the same affluent members rather than chasing mass sign-ups. Bill payments bring users in; lending (CRED Cash), UPI and CRED Pay drive frequency; insurance, Kuvera mutual funds and travel raise revenue per user. Acquisitions have filled gaps: HipBar (a prepaid payment licence) and Happay in 2021, CreditVidya for underwriting data in 2022, and Kuvera for wealth in 2024.
Competitive advantage
CRED's edge is the quality of its audience. Membership is gated by a 750+ credit score, so every user is a proven, card-holding borrower. That makes CRED an efficient channel for lenders, insurers and premium brands, who pay to reach customers with high spending power and low default risk.
Questions about Brex vs CRED
Which company has higher revenue — Brex Inc. or CRED?
CRED had ~$317.3M (FY2025). A comparable annual revenue figure for Brex Inc. was unavailable here.
How does revenue per employee compare for Brex Inc. and CRED?
CRED generates $264k / employee in revenue per employee. A comparable figure for Brex Inc. requires matching employee and revenue data from the same reporting period.
How do Brex Inc. and CRED make money?
Brex Inc. and CRED generate revenue in fundamentally different ways. Brex Inc.: Brex makes most of its money from interchange, the fee a merchant's bank pays each time a Brex card is used. CRED: Paying a credit card bill on CRED is free, and members earn CRED Coins and rewards for doing it.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Brex vs CRED overview