Fintech company Brex is targeting US$500 million in revenue for 2025 while considering an IPO, according to CEO Pedro Franceschi.

The company aims to achieve cash-flow positivity by mid-2025 and create a stable, predictable business model.

Brex, founded by Franceschi and Henrique Dubugras, offers corporate cards, business bank accounts, and expense management software, generating revenue from swipe fees, deposit interest, foreign exchange services, and software subscriptions.

Previously valued at US$12.3 billion in January 2022, Brex has faced challenges due to its startup-heavy client base, which has been impacted by declining venture funding and rising interest rates.

The company reduced its cash burn by 82% year-over-year and cut its workforce from 1,400 to about 1,100 employees.

To strengthen its financial standing, Brex has streamlined management and shifted focus to enterprise clients like Anthropic, Robinhood, and Sonos, leading to an 80% increase in enterprise net revenue in 2024.