Brex reaccelerated to $700M

Brex’s rebound shows that the business stopped behaving like a pure startup card company and started behaving like a broader finance stack with more ways to make money. Revenue rose from a $312M annualized low in 2022 to $700M by August 2025 as Brex added deposit driven revenue, bill pay, SaaS fees, and embedded distribution, while cutting burn from roughly $200M in 2022 toward near profitability.

• The big change was mix. By 2023, Brex was no longer mostly chasing card volume. Internal modeling showed revenue had shifted to about 61% interchange, 33% deposits, and 6% SaaS, with deposit revenue jumping from about $26M in 2022 to roughly $105M annualized in 2023 after SVB drove cash onto the platform.
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• That made Brex look less like a single product issuer and more like a mashup of Ramp and Mercury. Ramp pushed harder into high margin workflow software and bill pay. Mercury monetized deposits and yield. Brex’s reacceleration came from combining both playbooks inside one product set.
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• The product also moved upmarket and outward. Brex Embedded launched with partners including Sabre and Coupa, later adding Zip and Navan, which let other software platforms plug Brex cards and spend controls into their own workflows. In August 2025, Brex also secured an EU payment institution license, opening direct card issuance across the EU.
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From here, growth should depend less on how many employees swipe a card and more on whether Brex becomes the default control layer for company spending across cards, bills, approvals, accounting, and global entities. That pushes the company toward stickier software revenue and gives it a clearer path to durable margins at larger scale.