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Brex has been acquired by Capital One. This legacy page is kept for historical private-market reference. Deal conversion terms govern actual equity value — check current merger documents.

Brex

Corporate cards and spend-management platform for startups and growth companies.

FintechUnited States·Founded 2017·ISO/NSO equity·brex.com ↗

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Source-audited Jun 12, 2026

No longer a private company

Brex has exited the private market — see the notice above for the public ticker or acquisition terms. Our 4-method private valuation no longer applies, so we don't show a secondary-market estimate here. The funding history and data below remain for reference.

Acquired by Capital One at $5.2B · 2026-04-07

Acquisition value

$5.15B

Acquisition (Capital One) · 3mo ago

Acquisition reference

$5.2B

Capital One · 2026-04

Headcount

1,200

employees · LinkedIn-14%

LinkedIn count — directional proxy only. Historical figure sourced via Wayback Machine; treat ±15% as normal variance.

Revenue (est.)

$400M

annual run rate · est.

Complete company data

Every input we use, where we got it from, and how much we trust it.

✓

Source verification: PrivatePulse editorial review · manual-source-audit-2026-06

Field	Value	Source & Verification	Confidence
Company fundamentals
Sector	Fintech	Editorial classification	high
Headquarters	United States	Company website · Crunchbase	high
Founded	2017	Company website · Wikipedia	high
Website	brex.com	Direct	high
Acquisition value
Post-money valuation	$5.15B	Bloomberg Apr 2026 ↗[source-audited Jun 2026]	high
Round name	Acquisition (Capital One)	Bloomberg Apr 2026 ↗	high
Date	2026-04-07 (3 months ago)	Bloomberg Apr 2026	high
Lead investor	Tiger Global / Greenoaks	Bloomberg Apr 2026	high
Amount raised	Not disclosed	Bloomberg Apr 2026 ↗	medium
Capitalization
Total fully-diluted shares	431.818M	Derived/estimated — SEC Form D filings, secondary price math, cap-table summaries[estimated — not authoritative] › notes Public total fully-diluted share count: estimated from SEC Form D filings, secondary-market pricing math (implied valuation ÷ price per share), and leaked cap-table summaries. Considered the lowest-confidence input.	low
Historical implied share price (private-market model)	$12	$5.1B anchor × 1000 ÷ 431.818182M shares[derived]	medium
Primary equity type granted	ISO/NSO	Public reports of company equity practices	high
Financials
Annual revenue (est.)	$400M	Estimated — best available public estimates (Sacra, The Information, company ARR disclosures, press reports)[estimated — not independently verified] › notes Annual revenue: best public estimates from Sacra, The Information, WSJ leaks, or company-stated ARR. Where official, we cite the source on the funding round.	medium
EV / Revenue (implied)	12.9x	Computed from valuation ÷ revenue[derived]	medium
Headcount
Employees (now)	1,200	LinkedIn — current company page count › notes Headcount: LinkedIn 'Company' page employee count, taken now and approximately 12 months ago via the Wayback Machine. Treat as a directional proxy for revenue growth, not a hard number.	medium
Employees (12 months ago)	1,400	LinkedIn company page — historical snapshot via Wayback Machine[estimated — ±15% directional proxy]	medium
12-month headcount growth	-14%	Computed[derived]	medium
Methodology inputs
Sector ETF proxy	FINX	Editorial choice — most representative public ETF › notes Sector ETF: editorial choice of the most representative public-market proxy. Annual return: 3-year trailing average from Yahoo Finance, refreshed quarterly.	medium
ETF annual return (trailing 3-yr)	5%	Yahoo Finance · refreshed quarterly	medium

Funding history

Primary rounds reported in Bloomberg, WSJ, TechCrunch, Reuters, or SEC Form D filings (efts.sec.gov). Linked per round below.

Valuation progression (equity rounds)

Valuation progression · equity rounds

$5.2Blatest · Acquisition (Capital One)

Total growth

21×

Primary round

Down round

Acquisition (Capital One)↓ DOWN ROUND2026-04-07

$5.2B

Led by Capital One

Source: Bloomberg Apr 2026 ↗

Series D ext.+66%2022-01-11

$12.3B

Led by Tiger Global / Greenoaks · raised $300M

Source: WSJ Jan 2022(historical ref.)

Series D+185%2021-04-26

$7.4B

Led by Greenoaks Capital · raised $300M

Source: TechCrunch Apr 2021(historical ref.)

Series C+136%2020-04-01

$2.6B

Led by Kleiner Perkins · raised $150M

Source: TechCrunch(historical ref.)

Series B+340%2019-06-18

$1.1B

Led by Greenoaks Capital · raised $100M

Source: TechCrunch Jun 2019(historical ref.)

Series A2018-06-19

$0.3B

Led by Peter Thiel · raised $57M

Source: TechCrunch Jun 2018(historical ref.)

Secondary market signals

Historical secondary market data for reference. This company has exited the private market.

Company acquired — equity no longer private

Acquired by: Capital One

Deal value: $5.2B

Date: 2026-04-07

Source: Bloomberg Apr 2026

Secondary market monitoring (Hiive/Forge) is only relevant for privately-held equity. For current market value, check the public ticker or deal terms above.

Public peer comparables

Public peer comparables: editorial selection of public companies with the closest business model. EV/Revenue and growth from public 10-Q filings and Bloomberg, refreshed quarterly.

Ticker	Company	EV / Revenue	Revenue growth	As of
GPN	Global Payments Inc.	2.3x	+63%	2026-07-10
MA	Mastercard Incorporated	13.62x	+16%	2026-07-10
MELI	MercadoLibre, Inc.	2.88x	+49%	2026-07-10
NU	Nu Holdings Ltd.	8.7x	+44%	2026-07-10
V	Visa Inc.	15.39x	+17%	2026-07-10

Confidence breakdown

Historical private-market model output — shown for reference only. This company has exited the private market; the 4-method estimate below no longer represents current market value.

The numbers below reflect what our private-market model would have estimated before the exit event. They are shown for historical context only and should not be used as current equity values.

Method A — Peer-multiple

weight 25%suppressed23% confidence

↳ Effectively excluded from the blend — this method is structurally unreliable for this company.

Growth-weighted peer EV/Revenue: 6.1x → 18% private-company discount → 5.0x on $400M revenue. Output implies less than half the recent market anchor ($5B) — this company is likely valued on optionality / non-revenue factors and Method A is structurally less reliable here.

Method B — Secondary-implied

weight 45%suppressed25% confidence

↳ Effectively excluded from the blend — this method is structurally unreliable for this company.

No verified secondary market data available — estimate relies on primary round, peer multiples, and sector momentum.

Method C — Primary time-decay

weight 20%→ $5.4B80% confidence

$5.15B round (2026-04-07) × 1.07× growth × 0.99× multiple decay over 0.3 years

Method D — Sector momentum

weight 10%→ $5.2B56% confidence

$5.15B × (1 + 5% p.j.)^0.3yr = $5.2B via FINX ETF-proxy

Overall confidence

39%

Weighted average of the four methods. Above 60% is high, 35–60% medium, below 35% low.

Medium

Historical equity model (legacy reference)

Historical private-market calculation for context only. If you hold legacy equity in this company, check the public ticker or deal terms — not this model.

Private-market scenarios disabled

This company is no longer private. Private-market scenario modelling does not apply. Use public filings, broker statements, or exchange data for current equity value.

Transparent assumptions

What we assumed where exact data isn't available. If any of these don't match your situation, the numbers above will be off.

Fully-diluted share count

431.818182M shares

We don't have authoritative cap-table access for private companies. The number above is reconstructed from SEC Form D filings, secondary-market price-vs-valuation math, and leaked share-class summaries. Actual fully-diluted count (including unvested option pool and SAFEs) may differ by 5–15%.

Common-stock waterfall

1.0× to common

We assume a clean common-stock outcome — i.e. preferred-share liquidation preferences and ratchets do not extract value before common. In a down-exit, this assumption can be very wrong: preferred stack can take 30–70% of proceeds.

Private-company illiquidity discount

18% off public peers

Applied to Method A (peer-multiple). Per-company because category leaders with deep secondary markets and a clear IPO path warrant a smaller discount than early-stage names. The literature range is 10–35%; for Brex we use 18% based on secondary-market depth, valuation history, and proximity to liquidity.

Revenue growth assumption (Method C)

30% YoY

Compounded forward from the last primary date to today to estimate the company's value drift. Set per-company based on disclosed or reported ARR trajectory. Method C is further capped at 1.3× the most recent secondary trade (if any) to stop runaway extrapolation when revenue growth outpaces what the market is actually paying.

Sector ETF momentum (Method D)

FINX @ 5%/year

Method D applies the trailing return of FINX as a market-proxy adjustment to the primary valuation. Crude — meant as a tiebreaker when peer and secondary data conflict, not as a primary signal.

Outlier auto-downweight

Methods >50% from median get ½ weight

Robust-statistics safety net: any method whose output strays more than 50% from the median of the other three methods has its confidence weight halved when computing the blended mid-point. Prevents a single bad extrapolation from dragging the headline.

Recency decay for secondary trades

180-day half-life (e⁻ᵈ/¹⁸⁰)

A trade from 30 days ago counts ~5× more than one from 180 days ago. Tunable; some platforms use shorter half-lives.

Tax estimate

US federal only, single filer

Uses 2024 US federal brackets, ignoring state tax, NIIT, AMT credit recovery, and any other deductions. Treat as a directional sanity check, not a tax bill.

All data from public sources. Not investment, tax, or legal advice. Not affiliated with Brex. Last refreshed manually — see methodology for our update cadence.