Can you break down American Express by lines of business and compare Brex to SMB business cards?

Jan-Erik Asplund

Co-Founder at Sacra

Brex hit about $12B in annualized transaction volume at the beginning of 2022. Meanwhile, American Express, in its last earnings conference call, reported receiving $16.2B of transaction volume from SMB customers during Q2’21, for about $65B annualized.

Here’s how American Express’s overall volume mix broke down—SMB was and is typically their biggest customer segment:

U.S. Consumer: 28%
Intl. Consumer: 14%
Corporate Card: 24%
Small Business: 34%

American Express also makes money from lending—during the quarter, they lent out $77.8B in total, and about $16.3B to small businesses. That’s $65.2B annualized. Their loan balance, unlike their card mix, skews heavily consumer:

U.S. Consumer: 68%
Intl. Consumer: 11%
Small Business: 21%

Overall, American Express made $10.2B in total revenues in Q2’21. Here’s how the overall revenue mix broke down:

Discount Revenue: $6.3B undefined
Net Card Fees: $1.3B undefined
Other Fees & Commissions: $560M undefined
Other Revenue: $252M undefined
Net Interest Income: $1.8B undefined

Can you break down American Express by lines of business and compare Brex to SMB business cards?

Further reading