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Don’t Charge It, Brex It
Silicon Valley is home to thousands of B2B startups—and one of the the newest B2B unicorns. Brex offers a corporate credit card more built around the ever-changing needs of a startup, and they’ve been valued at over $1 billion. One of the secrets? Champagne and chocolate.
Brex’s overall success has tied heavily into their bold marketing, and on this episode of RTU, Chief Sales Officer Sam Blond, and CFO/CMO Michael Tannenbaum, discuss it in detail. From identifying your targets, to orchestrating outdoor campaigns, to in-depth attribution models, Brex has been firing on all cylinders. Listen in to learn more.
What You’ll Learn
How Brex found its current market
Brex is located in Silicon Valley, where there are thousands of B2B startups. Brex’s founders stumbled upon the painfulness of managing corporate credit cards when they could not get a credit card for one of their own new businesses. Their experience demonstrated a business opportunity and a marketplace in the niche of corporate cards for startups. Typically, founders of startups have to personally guarantee a corporate card. Even with millions of dollars in the bank, these businesses would have 20k-30k spending limits placed on them that were nowhere high enough to support the spending of a company. Brex instead uses a business’s bank accounts and bank activity to determine the spending limits on corporate cards. Michael and Sam point out that startups move and grow too quickly to have spending limits determined on a yearly basis, so Brex is constantly evaluating what a business needs and what limits will be. Their business model has resonated especially with tech startups and B2B businesses in Silicon Valley.
For the whole article: http://bit.ly/2D1VN9w
Connect With Michael Tannenbaum & Sam Blond:
Resources & People Mentioned
Connect with Drew
Meet the Guest
Michael Tannenbaum, Chief Financial Officer
Michael Tannenbaum is the Chief Financial Officer of Brex. He was the Company’s first employee and oversees Finance, Credit, Marketing, Business Development, Marketing and Capital Markets. Tannenbaum joined Brex from online lender SoFi where he was promoted six times in three years, ultimately to Chief Revenue Officer. During his time at SoFi, Tannenbaum was VP of Finance where he negotiated Softbank’s record-breaking $1 billion Series E investment and also ran the mortgage business. Tannenbaum began his career in the investment banking division of J.P. Morgan and graduated summa cum laude from Columbia University. He was featured in Forbes 30 Under 30 Finance in 2016 and the SF Business Times 40 Under 40 in 2017. He was featured in Forbes 30 Under 30 Finance in 2016 and the SF Business Times 40 Under 40 in 2017.