Brex Partners with Zip

This is a news story, published by TechCrunch, that relates primarily to Zip news.

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Brex

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Technology

Brex partners with former competitor Zip, with an eye on reducing cash burn to get to an IPO | TechCrunch

Summary

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In April 2022 , fintech Brex announced it was making “a big push” into both the enterprise and software.

In the first quarter , Brex saw its enterprise revenue grow by 70% , and net revenue retention for the segment climb by over 130% , CEO Pedro Franceschi says.

Zip was the largest quarter on record overall for Zip , with 155% growth within its strategic enterprise segment, CEO Rujul Zaparde tells TechCrunch .

Brex announced it had cut 282 employees, or nearly 20% of its staff, in a restructuring in January 2024 .

Since its 2017 inception, Brex has brought in over $1.5 billion in both primary and secondary transactions.

As of February , the startup was expecting its annual net revenue to reach $500 million this year .

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