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How is Brex valued compared to Silicon Valley Bank?

Jan-Erik Asplund

Co-Founder at Sacra


At $320M in annualized revenue, Brex’s $12.3B valuation breaks down to a 37.5x revenue multiple, on 90% year-over-year growth.

Silicon Valley Bank, which has a market cap of $33B, brought in a total of $5.9B in revenue in 2021 for a multiple of 5.6x, on revenue growth of 47% from the year before.

Here’s how SVB’s revenue mix broke down:

  • Net interest income: $3.2B undefined
  • Noninterest income: $2.7B undefined

Both company’s 2021 growth figures benefit from being put in the context of businesses bouncing back from COVID in 2021. Notably, SVB grew its total client funds 71% in 2021, from $192B to $329B—the biggest ever expansion of their balance sheet.

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