Brex adds its largest customer, Doordash
Expense management decacorn Brex is launching a new suite of products aimed at bigger companies and has added its largest customer yet by employee count: Doordash.
Why it matters: The launch shows that Brex, known for its smaller startup customers, is now aiming for larger ones, in a move that underscores the company's ambitions to expand its product set.
Details: DoorDash— with 9,000 employees—will be using "Brex Empower," a new suite of products that speed up and automate the expense process for companies.
- The product is tied to Brex's corporate credit card, allowing employees to submit expenses without receipts and using AI to decrease the amount of time managers need to spend on approving such charges.
Be smart: This is Brex moving to be more of a software company. The majority of Brex's revenue comes from interchange — fees paid by merchants for each card transaction that can be lucrative but unpredictable.
- Empower is expected to be a paid software product, meaning over time, an increasing part of the company's revenues will be predictable. The exact pricing currently however is still in the works.
- "We do see ourselves as more of a mix of SaaS and fintech, not only fintech," says co-CEO Henrique Dubugras.
Of note: With Empower, Brex also sees the ability to go deeper into travel or procurement, allowing for example a cyber security team to restrict certain software purchases over breach concerns within the platform.
The bottom line: As the world of spend management heats up, Brex is looking to own all of a company's spend — even in larger companies. As Axios has previously reported, Brex is not alone in its pursuit.
- "This is the biggest change in the Brex products since we launched," says Dubugras.