Brex can now issue cards and offer spend management tools to businesses across the EU without workarounds.
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Brex has officially entered the European Union market. The financial services provider announced Thursday that it is now licensed to operate in all 30 EU countries, allowing it to directly issue credit and debit cards and offer its spend management products without any workarounds.
Previously, Brex supported 60 currencies in 200 countries but could only serve businesses with a U.S. presence. With this milestone, EU-based companies and startups can now access Brex’s suite of tools including card issuance and embedded payments, though banking and bill pay features will be rolled out later.
Brex’s model, which offers startups expense management cards even without traditional bank approval, could be a game-changer for European entrepreneurs. However, without banking capabilities at launch, younger startups may still consider other options.
CEO and co-founder Pedro Franceschi hinted that the U.K. is next on Brex’s expansion list, though no timeline has been given. He also reaffirmed the company’s goal to stop burning cash in 2025, a key step toward a future IPO.
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The news comes amid a surge in activity in the fintech space. Rivals like Ramp and Mercury have recently secured major funding rounds and achieved high valuations. Brex hasn’t announced new equity funding since its $300 million Series D-2 in 2022, but it raised $260 million in debt in March 2024 to support its operations.
