Henrique Dubugras (23) and Pedro Franceschi (22), 2 Standford university ‘DropOuts’ have made their place in Silicon Valley. Now they have a net worth match too.
They are the founders of Brex Inc., a fintech startup recently valued at $2.6 billion.
Dubugras was just 14 years old when he built his first company, an online video game. However, eventually, he had to shut it down after getting notices for patent infringements. After which he teamed up with Pedro, which was payment processor Pagar.me. The company had around 150 employees before they sold it in 2016 to PayPal.
Soon after this, they enrolled for Standford University but didn’t make through freshman year. Before dropping out, they ended up finding “Brex Inc.”
Brex, launched their first product last year, ever since they have made their place in the ranks of the richest entrepreneurs. Today their stakes in the company are worth an estimated $430 million each according to an analysis.
The growth of these 2 youngsters is rapid even by Silicon Valley standards, which they started off by dropping out of college.
Brex was founded two years ago and has become one of the fastest American companies ever to reach a multibillion-dollar valuation, against the likes of Silicon valley’s top startups.
The value of the company was a mere $25 million in 2017. And now with their latest funding, it has rounded off to over $2 billion. The company’s USP is its product, a credit card, providing solutions for startups and their employees. The company’s algorithm uses real-time data rather than their Credit Scores. The firm, recently even introduced credit cards for e-commerce and life-sciences companies.
Brex has funding backed by Y Combinator Continuity, Peter Thiel, Max Levchin and more.
“We always get a lot of interest, but we try to build relationships with people for a longer amount of time before we take the money.” said Dubugras.
The Duo even said that the growth of the company is giving them potential openings to expand into other businesses.
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