Brex is an example of Silicon Valley's unflagging startup exuberance, even amid the Big Tech backlash. Startups raised US$55 billion in venture capital in the first half of this year, the most since 2000, according to CB Insights and PwC. And a burgeoning class of these companies is thriving by catering to a fast-growing market: other startups.
The two met on Twitter as teenagers and together built a payments startup, Pagar.me, based in Sao Paulo. By the time they turned 20, they had sold it to Stone, a Brazilian charge card processor. Mr Dubugras and Mr Franceschi became co-chief executives. Mr Dubugras now handles partnerships, fundraising and communications, with Mr Franceschi focused on technology and operations."We call that ‘things are on fire,'" said Anu Hariharan, a partner at Y Combinator's Continuity Fund, which invested in Brex."Everyone wants it, and you're like, ‘Oh, my god, I don't know how to deal with this.
"It's so much that we don't want anyone physically holding the card," he said."It's, like, melting your hand." In November, Mr Dubugras showed off the billboards at a conference, saying they were a cheaper way to reach potential clients and employees than digital ads. Afterward, San Francisco's billboard prices rose, he said. Now he has a new rule:"Don't talk about advertising that works."
Named after the White House's Oval Office and South Park's shape, it is one of the perks that Brex offers its customers. Others include credits for cloud storage, discounts on WeWork office space and points for spending on scooter rentals.