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- Valuation Model
- Expert Interviews
- Founders, funding
How is Brex valued compared to public comps like American Express?
I would love to learn more about Brex's current valuation and how that compares to American Express and any other public comps like Bill.com, Silicon Valley Bank.
Jan-Erik Asplund
Co-Founder at Sacra
Following their $300M Series D-2 raise announced in January, Brex’s valuation hit $12.3B. At $320M in ARR and $12B in transaction volume, that means Brex is valued at about a:
- 37.5x revenue multiple
- 1x transaction volume multiple
Here’s how that compares to how other card networks are valued:
- American Express: 3x revenue multiple, 0.11x transaction volume multiple
- Visa: 17.5x revenue multiple, 0.03x transaction volume multiple
- Mastercard: 17x revenue multiple, 0.04x transaction volume multiple
- Discover: 5.7x revenue multiple, 0.06x transaction volume multiple
Raw data
American Express
- Market cap: $133.9B
- 2021 revenue: $42.4B
- 2021 transaction volume: $1.2T
Visa
- Market cap: $423B
- 2021 revenue: $24.1B
- 2021 transaction volume: $13.5T
Mastercard
- Market cap: $327B
- 2021 revenue: $18.9B
- 2021 transaction volume: $7.7T
Discover
- Market cap: $31B
- 2021 revenue: $5.4B
- 2021 transaction volume: $504B
