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☆ Brex: 2024 CNBC Disruptor 50
▼ + stars: | 2024-05-14 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +2 min

Since SVB, Brex has continued to invest in differentiated services, including AI-powered tools to help streamline expense reporting, booking and management capabilities, accounts payable and procurement management. Within 36 hours, Brex signed up nearly 4,000 companies, taking in close to $2 billion in deposits. It has since backtracked on that position, and has doubled down on its roots serving tech startups. The spend management space has become more crowded, with fellow Disruptors Ramp and Navan, as well as Expensify, Mesh Payments, Airbase and Center competing for market share. Tech companies laid off more than 191,000 workers in 2023 — a trend that has continued into 2024.

Persons: Brex, Henrique Dubugras, Pedro Francheschi, Francheschi, Ben Gammell, PitchBook Organizations: Ribbit, DST, San, Airbase, Center, Tech Locations: Salt Lake City, San Francisco, Navan

☆ It seems some tech leaders are coming back to San Francisco
▼ + stars: | 2024-02-19 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Some tech leaders are returning to San Francisco, The Wall Street Journal reported. San Francisco's commercial real estate market is also getting a boost from the AI boom. AdvertisementIt seems like San Francisco is luring some tech bosses back after a pandemic-induced exodus. Now, he plans to spend one week a month in San Francisco and is renovating a house in the city, The Journal reported. Meanwhile, San Francisco has grappled with a homelessness problem and shifts in crime patterns.

Persons: —, San, Keith Rabois, cofounders Henrique Dubugras, Pedro Franceschi, Howie Liu, Rabois, Elon Musk, Sam Altman Organizations: Street Journal, Service, The, Meta, PayPal, California Globe Locations: San Francisco, Miami

☆ These retailers are bucking the trend and opening stores in San Francisco despite the city's 'doom loop'
▼ + stars: | 2023-09-21 | by ( Tom Carter | ) www.businessinsider.com time to read: +6 min

Some retailers are fleeing San Francisco as fears grow over rising crime and a worsening economic environment. They continued, "We are excited to strengthen our presence in San Francisco and intend to test and try different formats to meet the needs of our San Francisco consumers for many years." Tayfun Coskun/Anadolu Agency via Getty ImagesChanel is also making moves in downtown San Francisco. The move came despite luxury stores in downtown San Francisco being targeted by a series of high-profile robberies. "We recently invested in renovating our Downtown San Francisco hub where our teams come together to develop new consumer experiences and product innovations.

Persons: Tayfun, Chanel, Yves Saint Laurent, Jay Watson, Alexander Spatari, Henrique Dubugras, Michael Tannenbaum, Brex's, Tannenbaum, It's, it's, Angela Hoover, Andi, Hoover Organizations: Foods, Service, Nordstrom, Westfield San Francisco Centre, Ikea US, Ikea, Bay Area, Anadolu Agency, Getty, Real, Arpels, Gap's San, Gap Inc, Navy, Gap, Downtown, San Francisco Locations: San Francisco, Wall, Silicon, Francisco, Westfield, San Francisco's, Bay, Union, Gap's, Gap's San Francisco, Banana, Sutter, Downtown San Francisco, Miami

☆ Can AI save commercial real estate in San Francisco?
▼ + stars: | 2023-07-10 | by ( Samantha Delouya | ) edition.cnn.com time to read: +7 min

In an aerial view, cars drive by the San Francisco skyline as they cross the San Francisco-Oakland Bay Bridge on October 27, 2022 in San Francisco, California. Alexander Quinn, senior director of research at commercial real estate company JLL, said his firm sees bright spots in San Francisco’s commercial real estate market as AI companies drive office leasing demand. A shopper exits the Westfield San Francisco Centre shopping mall in San Francisco, California, US, on Tuesday, June 13, 2023. The US Census Bureau reports an estimated 35% of employees in San Francisco and San Jose continue to work from home. “I think the crash is coming, and it hasn’t happened yet,” he added, referring to commercial real estate prices.

Persons: Naveen Rao, CBRE, Justin Sullivan, it’s, ” Rao, San, Alexander Quinn, JLL, ” Quinn, Rao, OpenAI, ”, “ There’s, MosaicML, Quinn, “, Francisco’s, David Paul Morris, Henrique Dubugras, ” Michael Tannenbaum, Tannenbaum, Hans Hansson Organizations: CNN, San, Westfield, San Francisco Centre, Westfield San Francisco, Bloomberg, Getty, London, US, “ Locations: San Francisco, Southern California, Francisco, Oakland, San Francisco , California, ”, “ San Francisco, New York, Los Angeles, city’s, San Francisco’s Union, Coresight, Westfield San Francisco Centre, California, Francisco’s, San Jose, decamping, United States

☆ Brex Co-CEO Henrique Dubugras: It's easier to get new customers now than before the banking crisis
▼ + stars: | 2023-05-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBrex Co-CEO Henrique Dubugras: It's easier to get new customers now than before the banking crisisBrex Co-CEO Henrique Dubugras joins CNBC's Julia Boorstin and 'Fast Money' to discuss his Disruptor 50 company that is shaking up the fintech landscape.

☆ Brex: 2023 CNBC Disruptor 50
▼ + stars: | 2023-05-09 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +1 min

Fintech startup Brex was already a high flier, growing by 200% last year with more than 200,000 customers from startups to enterprises. Now following the collapse of SVB, Brex has gained billions of dollars in deposits from thousands of ex-SVB clients. With previous experience in founding Pagar.me, one of Brazil's largest payment processors, their idea for Brex was to combine financial products and software in a single platform. The founders conceived Brex in a Y Combinator accelerator program after growing frustrated applying for a credit card to launch and fund their original idea for a VR startup. What has differentiated Brex from the status quo in corporate cards is its focus on fast-growing businesses.

☆ Deposit drain from smaller banks into financial giants like JPMorgan Chase has slowed, sources say
▼ + stars: | 2023-03-25 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

First Republic Bank headquarters is seen on March 16, 2023 in San Francisco, California, United States. Tayfun Coskun | Anadolu Agency | Getty ImagesWearing many hatsThe dynamic has put big banks like JPMorgan and Goldman Sachs in the awkward position of playing multiple roles simultaneously in this crisis. JPMorgan, Bank of America, Citigroup and Wells Fargo representatives declined to comment for this article. "There's been a lot of ins and outs, but people are still putting money into the big banks." While the deposit flight from smaller banks has slowed, the past few weeks have exposed a glaring weakness in how some have managed their balance sheets.

Employees have been working around the clock to onboard as many startups as possible in the wake of the implosion of Silicon Valley Bank. Silicon Valley Bank, which had more than $175 billion in deposits and served nearly half of US VC-backed startups, was taken over by US regulators on March 10. "That said, I am worried that this bias towards a Big Four bank is a double-edged sword," Shekar added. "SVB did not think like a big bank. They could understand your operating plan when a big bank would balk at it," Ashley Tyrner, CEO and founder of FarmBoxRX, told Insider.

☆ Fintech company Brex's co-CEO: Next couple weeks are going to be pivotal for our industry
▼ + stars: | 2023-03-13 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFintech company Brex's co-CEO: Next couple weeks are going to be pivotal for our industryHenrique Dubugras, Brex co-CEO, joins 'Closing Bell: Overtime' to discuss the SVB failure and the the impact it could have long term.

☆ A fintech CEO is trying to raise more than $1 billion to fund bridge loans for startups impacted by the Silicon Valley Bank collapse
▼ + stars: | 2023-03-12 | by ( Sam Tabahriti | Aidan Pollard | ) www.businessinsider.com time to read: +2 min

Brex CEO Henrique Dubugras is fundraising more than $1 billion in loans for startups affected by the SVB collapse. "We are trying to raise as much capital as we can," a Brex spokesperson told Insider. "As of yesterday, we've received $1.5 billion in requests from nearly 1,000 companies," a spokesperson for Brex told Insider. "The reason we're doing it is obviously we want to support a community, that's very important," Dubugras told TechCrunch. "[T]here are verification processes in place to ensure there is no fraud," a spokesperson told Insider.

☆ OpenAI CEO Sam Altman sent startup six-figure loan to make payroll after Silicon Valley Bank collapse, report says
▼ + stars: | 2023-03-12 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +3 min

OpenAI CEO Sam Altman is among tech execs giving money to startups after Silicon Valley Bank's collapse. Altman told Reuters startups need money to pay employees and bills while SVB's situation is addressed. SVB, a once-trusted bank for tech and startups, was taken over by regulators Friday. "Sam has been sending stuck startups money today with no docs, just saying 'send me back whatever you can whenever you can'. "Even if SVB can't find a buyer or a loan over the weekend, a lot of the money startups have on deposit will be made available to them," Altman told Reuters.

Friday's dramatic failure of the bank, which focuses on tech startups, was the biggest since the 2008 financial crisis. Even small startups are getting in on the action to help others. Aleem Mawani, founder of Streak, a company with about 30 employees, tweeted Friday he would lend his personal cash free of any terms to other small startups worried about paying staff. Some, including Lowercarbon Capital, have offered loans to portfolio companies that have funds stuck at SVB. Gurson estimated "conservatively" that Altman has given more than $1 million to support other startups in similar need.

☆ There are 7 self-made billionaires under 30 on Forbes' billionaires list this year, and more than half of them are Stanford dropouts
▼ + stars: | 2022-04-06 | by ( Marielle Descalsota | ) www.businessinsider.com time to read: +3 min

Seven self-made billionaires under the age of 30 were named in Forbes' World's Billionaires List this year. Seven self-made individuals under the age of 30 were named in Forbes' World's Billionaires List this year. Brazilian-born corporate credit-card startup founders Pedro Franceschi, 25, and Henrique Dubugras, 26, are the world's youngest self-made billionaires named in Forbes' list this year. Two Stanford alumni also made this year's list of self-made billionaires under 30. Stanford University is located in Stanford, California, just a few miles from Palo Alto.

Getty Images AsiaPacFor business owners curious about crypto, the Brex cards are a low-risk introduction to the space. You can only earn bonus rewards if Brex is your only corporate card, so it doesn't pair well with other business rewards credit cards Dash icon A dash. Using Brex points for crypto rewards"We think that your rewards points are an easy and interesting way to participate in crypto," Henrique Dubugras, founder and CEO of Brex, told Insider. The Brex card offers the flexibility to simply put that exposure in rewards points, and cardholders can continue to designate their rewards in other more stable categories, too. Read Insider's points and miles valuations to find out what your credit card rewards are worth.

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