Corporate card company Brex has disclosed its plans to expand into Europe, a move aimed at laying the groundwork for an initial public offering (IPO).
With this expansion, Brex anticipates adding up to USD 5 billion in annual revenue from the European market. The company hopes this will enable them to achieve profitability.
Brex intends to challenge established players like American Express by capturing a larger share of the corporate card market. It will continue to tailor its services to meet the specific needs and preferences of clients, ensuring regulatory compliance in all regions it operates.
Details on Brex’s European Expansion Strategy
The expansion strategy follows Brex securing a Payment Initiation (PI) licence across the EU. This licence allows Brex to serve businesses and companies in multiple international markets, enabling them to issue corporate credit cards and provide payment origination services such as direct debits and credit transfers.
By obtaining this licence, Brex aligns with its commitment to regulatory compliance while offering a comprehensive suite of products including corporate cards, expense management tools, and treasury solutions to European enterprises. The company is also considering ways to support UK-based customers in the future as part of its broader growth strategy.
