After Henrique Dubugras and Pedro Franceschi founded Pagar.me, one of the largest payment processors in Brazil, they wanted to build something larger and more massive on U.S. soil.
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“We found this kind of under-served niche,” Dubugras told FOX Business’ Stuart Varney on Thursday. “Which is startups in Silicon Valley, which can have raised millions of dollars and still not be able to get a credit card.”
The upshot is San Francisco-based Brex, which faced its own share of struggles before eventually seeing success.
“We had raised around $7.5 million and we couldn’t get a corporate credit card,” he said. “So we decided to do something about it.”
Brex, which is now a billion-dollar company, is backed by the co-founders of PayPal, Max Levchin and Peter Thiel, Y Combinator, Ribbit Capital, Yuri Milner and the former CEO of Visa, Carl Pascarella, according to the company website.
According to Dubugras, the company has grown from two employees to about 60.