Almost no startup benefited more from the collapse of Silicon Valley Bank than Brex, which saw a surge in deposits from young companies who use its credit card and cash management products. But that growth spurt has petered out in recent months, internal data reveal, putting more pressure on the company to ramp up its expense software diversification.
In the third quarter, the company had annualized net revenue of $283 million, according to internal data, a metric that projects annual revenue based on the most recent monthly amount. That was up just 1% from the second quarter, when annualized revenue was $279 million. In the second and third quarters of last year, Brex’s annualized revenue was just under $200 million.
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