According to Lex Sokolin, Brex has secured a European electronic money institution license and is targeting up to $5 billion in incremental annual revenue from the region, directly challenging incumbents like American Express. According to Sokolin, Brex reached $700 million in annualized gross revenue in August and expects its first profitability within two quarters as it readies for an IPO. According to Sokolin, the company retrenched in 2023 by cutting headcount and product scope after a 2022 peak valuation of $12.3 billion, and it is now attempting to outpace Ramp, whose valuation recently rose to $22.5 billion. According to Sokolin, CEO Pedro Franceschi described breakeven as inevitable despite losses since inception, following an overhaul focused on layoffs and product focus. According to Sokolin, the push comes amid shifting capital conditions as digital-first banks and fintechs pivot to profitability and investors favor durable growth, with global B2B payments targeted at $1.5 trillion by 2028. According to Sokolin, a sustained rise in interest rates or tighter venture markets could suppress growth capital and delay IPO timelines.