A startup can have millions of venture dollars in the bank and not get approved for a credit card. That’s because old-school banks and credit institutions want to see a credit history, which few new companies have, before issuing that precious piece of plastic.
Henrique Dubugras and Pedro Franceschi, both age 22, founded Brex in 2017 in order to address this problem. The company gives corporate credit cards to startups based on their available cash balance — including money raised through venture — rather than credit history. It launched out of stealth in June and has 1,000 customers signed up.
Brex has raised a total of $57 million from investors, including PayPal cofounders Peter Thiel and Max Levchin, early Facebook investor Yuri Milner, and Y Combinator.
With their permission, we’re republishing the Brex Series B pitch deck to show how Silicon Valley startups win over their investors. Take a look.