Brex is reporting that it has secured its Payment Institution (PI) license in the European Union, via the Netherlands. The newly acquired license will allow Brex to serve more European companies. Brex is in the process of setting up an office the Netherlands.
With this license, Brex is officially authorized to operate “across the entire EU, offering direct issuance of commercial credit cards and payment origination capabilities including direct debits and credit transfers.”
Brex stated that it is also exploring the opportunity to “secure a separate license to support UK-based customers in the coming months.”
Brex reports that it currenctly serves “1,500 customers with EU operations and nearly half of current Brex customers operate in more than one country.”
Until now, Brex customers had to be “based or headquartered in the U.S. to take full advantage of Brex’s platform.”
Brex will offer its full suite of products, including “corporate cards, expense management, and treasury tools, to European enterprises that are based in this region.”
To date, Brex has made significant strides to operate ‘ahead of U.S.-based competitors when it comes to supporting global businesses.’
While some competitors rely on third parties and support only a few currencies, Brex’s global payments infrastructure “powers a truly integrated solution.”
By combining the world’s corporate card and banking with software for expenses, bill pay, accounting, and travel, Brex enables founders and finance teams “to accelerate operations, gain real-time visibility, and control spend effortlessly.”
Brex’s AI-powered automation and service eliminate “manual expense and accounting tasks for customers, freeing up 11 million hours of employee effort for higher-impact work.”
Over 30,000 companies, from startups to enterprises, run their finances on Brex – “including ServiceTitan, Anthropic, Wiz, Robinhood, Five Guys, and Sonos.”