Brex's Global Enterprise Advantage
Art Levy, Chief Business Officer at Brex, on the strategy of Brex Embedded
Brex is arguing that the real split with Ramp is not who has the better U.S. card, but who can serve a finance team that has employees, entities, and spend spread across dozens of countries. That matters in enterprise because a global company wants one card program with local issuing, local billing, fewer FX fees, better acceptance, and tight reconciliation inside tools like Navan and Coupa, instead of stitching together separate domestic programs country by country.
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Brex has built around direct Mastercard connectivity and says it can issue local cards across 120 countries and bill in 50 plus currencies. In practice, that means a U.S. headquartered company can give an employee in Malaysia or Romania a local corporate or virtual card that actually works like a local card, while still rolling into one spend system.
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The enterprise wedge is distribution through existing workflow leaders. Brex Embedded is already at $1B plus in annualized payments volume, and Brex uses partnerships with Navan, Sabre, and Coupa to land inside travel and procurement flows, then expand into broader spend management. That is a different upmarket play from selling a self contained finance stack to startups and mid market buyers.
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The broader market context is that Ramp had already passed Brex on total payments volume by the end of 2023, and later reached an estimated $1B revenue run rate versus Brex at $700M. So Brex does not need to win the whole market to make this claim true. It needs to win the narrower slice where multinational complexity, approvals, and integrations matter more than domestic all in one simplicity.
This points to a cleaner market split. Ramp can keep compounding in domestic finance automation, while Brex pushes toward the role once held by global bank card programs and legacy enterprise stacks. If Brex keeps turning global card issuance into distribution through travel and procurement software, enterprise expansion becomes less about taking share one logo at a time and more about becoming the default spend layer for multinational companies.