Brex at $700M/year growing 50% YoY
Jan-Erik Asplund
TL;DR: After growth decelerated to 30% year-over-year in 2022, Brex has re-accelerated to 50% year-over-year growth while simultaneously moving from burning $22M monthly to near-profitability. Sacra estimates Brex hit $700M in annualized revenue in August 2025, up 50% year-over-year. For more, check out our full report and dataset.
We recently published numbers showing Brex at $357M in annualized net revenue in 2024, growing 12% year-over-year. Based on feedback that we received, we overhauled our model going back to 2019 and now we have a higher confidence model.
Key points via Sacra AI:
- After growth decelerated to 30% year-over-year at $312M in annualized revenue in 2022, Brex has re-accelerated, hitting $700M in August 2025 growing 50% year-over-year—and at the same time that Brex in 2022 was reportedly burning $22M a month, it is now on the verge of profitability.
- Announcing Brex Embedded a year ago with large enterprise incumbent launch partners Sabre (NASDAQ: SABR, $2.94B revenue) and Coupa ($869M annualized revenue, growing 17% YoY, before 2023 Thoma Bravo acquisition), Brex has added top private growth companies as partners including procurement SaaS Zip ($2.2B valuation, $333M raised, BOND) and travel & expense startup Navan ($550M ARR in 2024) positioning as best-in-breed against Ramp’s all-in-one.
- With its recently acquired EU issuing license, Brex’s global ambitions are expanding from US companies with international operations (DoorDash, Coinbase) to EU-headquartered multinationals—vs. UK & EU-centric expense management platform Pleo at $59M revenue in 2024, up 56% YoY and U.S.-centric Ramp & Mercury—with the UK next on its roadmap.
For more, check out this other research from our platform:
- Brex (dataset)
- Art Levy, Chief Business Officer at Brex, on the strategy of Brex Embedded
- Ramp (dataset)
- Rippling (dataset)
- Mercury (dataset)
- Ramp's LLM workflow
- Bo Jiang, co-founder and CEO of Lithic, on the key primitives in card issuing
- Dan Westgarth, COO of Deel, on the global payroll opportunity
- Immad Akhund, CEO of Mercury, on the business models of fintechs vs. banks
- Karim Atiyeh, co-founder and CTO of Ramp, on the future of the card issuing market
- Geoff Charles, VP of Product at Ramp, on Ramp's AI flywheel
- Ramp passes Brex
- Andrew Hoag, CEO of Teampay on building expense management for the enterprise
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