Henrique Dubugras and Pedro Franceschi are Brazilian founders who previously built Pagar.me, the "Stripe of Brazil," which processed $1.5 billion in transactions before being acquired.

The Stanford Dropout

After selling Pagar.me, they enrolled at Stanford but dropped out after less than a year. "We wanted to come to Silicon Valley to build stuff because everything here seemed so big and so cool," Dubugras said.

The YC Pivot

They actually started Y Combinator working on a VR concept called "Veyond" but quickly pivoted to corporate cards after experiencing the problem firsthand.

The Pain Point

"Pedro and I could not get a credit card for our startup despite having $120,000 in funding from Y Combinator." Banks wouldn't underwrite based on business metrics - they required personal guarantees and credit scores the foreign founders didn't have.

The Innovation

Brex underwrites businesses, not people. This allows them to offer corporate cards without personal guarantees. "Access to basic financial services can be a make or break moment for many entrepreneurs."

Going Against Giants

"We're going up against AmEx and other big players. That takes courage and a desire to push back against conventional wisdom. In the beginning, we weren't sure if we could get a bank to work with us."

The Result

Brex reached a $12B+ valuation and serves major companies like DoorDash, Coinbase, and Robinhood.

• Founded: 2017 (age 22)
• Previous exit: Pagar.me ($1.5B processed)
• Valuation: $12B+
• First card name: "Veyond" (from VR pivot)