With a shared customer base of 30,000+ businesses, some of whom are mutual, they’re gunning to ramp up their enterprise game and solidify their ranks in this space.
Stats don’t lie, folks. But hey, reality check – servicing enterprise clients wasn’t a walk in the park as they’d hoped. Brex clocked a whopping 70% enterprise revenue growth and a mind-blowing 130% net revenue retention in Q1. Meanwhile Zip smashed records with a 155% upsurge in the enterprise zone. The Brex-Zip collab is the epitome of “coopetition” in the fintech realm – it’s the fusion of teamwork and rivalry, driven by customer feedback and the urge to level up their services.
And that’s a wrap for now, folks! Stay tuned for more exciting tech tales coming your way!
. While software revenue was climbing, interchange fees still ruled the roost.
Picture this: last fall, Brex shook things up by teaming up with Navan for the game-changer “BrexPay for Navan.” It was a masterstroke combining corporate cards with Navan’s travel management, all for the enterprise gang. Talk about one-stop shopping and globe-trotting simplification with a single card program.
Pedro Franceschi, Brex’s co-founder, and CEO, and Rujul Zaparde, Zip’s CEO and co-founder, are beaming with excitement over this partnership né?. Hey there folks! Big news in the tech and fintech world – Brex has done it again! This time they’ve surprised everyone by teaming up with their former competitor Zip. Yep, you heard it right! CEOs of both companies spilled the beans exclusively to TechCrunch, and the buzz is real.
Flashback to April 2022, when Brex dropped the bombshell that they were broadening their horizons to focus on enterprise and software services né?. Instead of putting all their eggs in the interchange fees basket, Brex wanted a slice of the recurring revenue pie from software subscriptions né?. The plot thickens, though, ’cause Navan, once TripActions, switched lanes from just travel to post-COVID expense management – a direct competitor move against Brex.
Fast forward to the latest scoop – Brex’s next power move is a collab with Zip, a five-year-old procurement whiz, for the hot-off-the-press “Brex for Zip.” This dynamic duo is all about seamlessly integrating Brex’s virtual cards with Zip’s platform to streamline enterprise procurement and payments. Quite the pivot, right? I mean, Brex kickstarted its journey by catering to startups with corporate cards, but they’ve since evolved into a full-blown “financial operating system” for companies.
Diving headfirst into software was a strategic move to diversify their revenue streams né?
