Brex obtains EU Payment Institution License, paving way for next stage of international growth
Brex Expands into Europe, Offering Comprehensive Fintech Solutions to EU Businesses
Brex, the financial platform of choice for companies with global operations, has secured its Payment Institution (PI) license in the European Union, marking a significant step in its international expansion. This move enables EU companies to access Brex's full suite of financial products and services directly within the EU, without the need for a U.S. presence.
The newly acquired license paves the way for Brex to serve more companies across Europe. Brex has already established offices in the Netherlands with local teams across sales, operations, and customer success. Currently, Brex serves 1,500 customers with EU operations, and this number is expected to grow as Brex begins onboarding select customers in the coming months through a phased rollout.
The specific benefits for European businesses with Brex securing its PI license in the EU are numerous. EU companies can now use U.S.-based payment services without setting up a U.S. office, facilitating easier cross-border trade and financial operations with the U.S. Brex offers direct issuance of commercial credit and debit cards, payment origination services such as direct debits and credit transfers, and sophisticated spend management tools across all 30 EU countries.
Streamlined onboarding and payment processing under one platform are also key advantages. EU businesses can retain full control of their financial data without needing third-party intermediaries like local banks or correspondent institutions. Brex’s treasury management products and integrated financial technologies, such as AI-driven tools and integrated virtual corporate travel cards, enhance financial management efficiencies for startups and scale-ups operating in the EU and internationally.
Operating seamlessly across borders within the EU is another benefit. The license authorizes Brex to function EU-wide, thus supporting the needs of multinational firms and businesses with multi-country operations, about 60% of Brex’s clients being multinational. Brex's decision to base its EU operations in Amsterdam provides a strategic and efficient hub for European market access.
Moreover, this move sets the stage for future expansion into the UK market, as Brex plans to secure a UK license, broadening its services to European businesses that venture beyond the EU.
Mark Topping, Group Finance Manager at Ooni, a global leader in home pizza ovens with employees in multiple countries, finds Brex's global platform attractive and easy to use. Brex has helped Ooni unify their global card program, streamline spend management, and reduce reliance on fragmented financial systems. Pedro Franceschi, CEO and Co-Founder of Brex, stated that the license takes Brex one step further, enabling it to directly serve EU-based businesses and their subsidiaries with locally accepted cards, less friction, and best-in-class payment capabilities.
In summary, the PI license allows EU businesses to leverage Brex’s comprehensive fintech platform—from corporate cards to treasury tools—directly within Europe, simplifying cross-border payments and financial management without needing U.S. infrastructure or intermediaries, thus enabling European companies to operate with greater agility and cost-effectiveness in global markets.
[1] Brex Press Release, Brex Secures EU Payment Institution License, 2023. [2] Brex Blog, Brex Expands to Europe: Simplifying Cross-Border Payments for Global Businesses, 2023. [3] Brex Blog, Brex's Treasury Management Solutions: Enhancing Financial Management Efficiencies for Startups and Scale-ups, 2022. [4] Brex Blog, Brex Chooses Amsterdam as European Hub, 2023.
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