Financial Services Provider Brake It announced Thursday that it received a major milestone: it is now licensed to the European Union. This means that it can now issue a direct credit and debit card and offer any business in all its 30 EU countries to offer cost management products that “no work is needed”, as written by co -founder and CEO Pedro Francichi. In a blog post.
Although the launch of corporate spending management had previously supported 60 currencies in 200 countries, it could only sell its products to companies with US presence.
A spokeswoman told Tech Crunch, with the extension, Bracks now have the option of selling spending management (complete with issuing cards) and other tools like EU companies and startups, such as embedded payments. However, there is a warning: banking and bill salaries will not be available initially. The company hopes they will end these services in the future.
Although this is the good news for the brake, it may also be the good news for European startups. Brexit’s reputation is offering a startup expansion management card for its employees, even if they are not yet eligible for traditional banks. Without offering a bank account, the youngest EU will have to weigh its powers.
Next, Francichi says he wants to increase the break in the UK, though he did not provide any detail on these plans.
French Said in December This brake is on the way to preventing cash in 2025, “an important milestone of our future IPO.”
In February, sources told various news outlets that this year, the break is also on track at $ 500 million. This has changed to a great extent in 2023 when the brakes held a holiday and allegedly told employees that his cash was high. There has been no indication of when this IPO can happen.
The competitive victory of the break in the international market has come as the overall moment of its American Fintic rivals is passing. Ramp has been raising money from a VC like Med Made, which has hit a $ 22.5 billion worth of $ 45 billion just 45 days after a rounded price. In March, Mercury raised a fresh $ 300 million and raised its price twice as $ 3.5 billion.
Bracks has not publicly announced the new funding of Equity VC since 2022, when it raised $ 300 million in a series of $ 12.3 billion in a series D-2 round. However, he received a fresh $ 260 million worth of March 2024With the help of its expense management products, to help pay for its cash -related business.