Brex shifting from cards to software

Brex is still a card business first, but the mix shift shows it is trying to become a finance software company that happens to start with a card swipe. It usually lands a customer with corporate cards, earns interchange every time employees spend, then expands into spend management, bill pay, bank accounts, embedded distribution, and global payments. That matters because software and workflow revenue is stickier than card volume alone, especially as enterprise customers buy based on controls and integrations, not rewards.1 2 3 4

• Brex said interchange remains the majority because card is still the front door. But software, interest, and FX are rising as a share over the last few years, which means each customer relationship is getting monetized across more than just card spend.3
• The 2024 mix was estimated at roughly 61% interchange, 33% deposits, and 6% SaaS. That is still far from a pure software model, but it already looks more diversified than a simple corporate card issuer, and much less dependent on one revenue line than before.2
• In enterprise, Brex is pushing software by fitting into existing workflows instead of forcing an all in one suite. Inside Navan and Coupa, the card is embedded where travel or procurement already happens, which helps Brex win payment volume first, then upsell spend management and other products.1 3 4

The next step is a steady move from monetizing transactions to monetizing the system that approves, routes, and reconciles company spend. If Brex keeps winning enterprise accounts through global cards and embedded distribution, software revenue should keep climbing as a share of mix, even while interchange remains the biggest pool of dollars for years.1 3 4