Brex, the Fintech firm that is focused on reimagining finance for growing businesses, has announced its acquisition of Pry Financials, which is a software platform “with tools designed to enable budgeting, bookkeeping and forecasting, for $90 million.”
As mentioned in the update, cash flow forecasting and runway planning “can make or break a startup.”
Most startups today, however, don’t invest “in specialized accounting software and rely on a jumble of spreadsheets to make it all work.”
Pry enables founders “to project cash flow, track budgets and scenario plan using easy-to-understand dashboards and visualizations.”
As explained in the announcement, Pry makes it easy “to track and categorize revenue and costs, build a financial plan, build customized formulas for forecasting.”
Henrique Dubugras, co-founder and CEO of Brex, stated:
“Pry was designed from the ground up to help founders understand their business simply and efficiently. To help them scale, raise their next round of funding or plan an exit. I’m delighted to welcome the Pry team to Brex and excited to deliver such important capabilities to our software platform.”
Andy Su, Pry’s co-founder and CEO, remarked:
“We are so thrilled to be joining the Brex family, Our goal has always been to help as many founders as possible run their business more efficiently. With Brex’s scale and reach, we can have a much bigger impact right away.”
As covered, Brex is “a powerful financial stack designed to serve the next generation of growing businesses.”
By integrating software, services, and products into one experience, they help customers “effortlessly extend the power of every dollar, so they’re free to focus on big dreams and fast growth—without worrying about wasted spend.”
They proudly “serve tens of thousands of businesses, from small private companies to many of America’s most beloved public brands.”
As covered recently, Brex announced Brex Empower, a new software platform designed “to increase the speed of businesses by enabling a culture of trust and financial discipline.”
Empower will serve as the foundation for all Brex products “moving forward, starting with a completely new spend management product.”
During the last two years, firms have “completely changed how they operate.” Modern businesses are “giving up the traditional model of command and control, in favor of providing context and empowering teams to make the right decisions, which greatly speeds up the pace of business.”
Mike Kim, VP of Finance, DoorDash, has stated:
“Brex understands uniquely that to compete, you have to be prepared to move very fast. We wanted to empower our employees to make decisions on their own and move fast to spend on behalf of DoorDash – with the right level of compliance and control. And with Brex Empower, we are able to solve for that.”