Investment

Brex: A Brazilian unicorn built by 22-year-olds

LatAm List – In a story originally reported on TechCrunch, Brex, a Brazilian fintech startup, recently closed a US$125M Series C round, led by Greenoaks Capital, DST Global and IVP, putting its valuation at US$1.1B. The app was founded by a pair of Brazilian 22-year-olds who moved to Silicon Valley to attend Stanford in 2016.

Brex helps startup founders access corporate credit cards. This startup is not Henrique Dubugras and Pedro Franceschi’s first project; Henrique previously founded an education startup, and the two of them built a “Stripe for Brazil” called Pagar.me, which raised over US$30M. This all happened before they went to university.

At Stanford, the pair founded a VR startup called Beyond and entered Y Combinator in 2016. They realized they should stick to payments and soon founded Brex in early 2017 to help startups get access to the credit that banks would not provide.

“We want to dominate corporate credit cards. We want every single company in the world, whenever they do businesses expenses, to do it on a Brex card,” said Brex co-founder Henrique Dubugras.

Read more about these impressive founders in TechCrunch.

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