While Brex declined to confirm The Information’s report that it saw annualized revenue in the third quarter to $283 million, compared to $279 million in the second quarter and annualized revenue of just under $200 million, one has to take this information with a grain of salt.
Brex likely saw an event-related bump in revenue after the Silicon Valley Bank meltdown in March.
So the fact that it grew slower in the third quarter feels less dramatic than if a big event that gave it a surge in business did not occur.
Revenue is still up compared to last year, and according to the company, so are profits.
A spokesperson told me: “Examining our year-over-year growth tells a significantly different story and shows how Brex compares favorably in this market.