Brex acquires bookkeeping software firm Pry Financials for $90m
US fintech Brex has acquired Pry Financials, a software platform that provides budgeting, forecasting and bookkeeping tools, for $90 million.
The deal will see Brex expand its software offering for founders, enabling users to project cash flow, track budgets and scenario plan using dashboards and visualisations.
“Pry was designed from the ground up to help founders understand their business simply and efficiently. To help them scale, raise their next round of funding or plan an exit,” says Brex CEO and co-founder Henrique Dubugras.
Pry is geared towards start-ups and founders looking to harmonise their accounting processes, making it easier to track and categorise revenue and costs, devise a financial plan and build customised formulas for forecasting.
Founders can directly connect their company’s bank accounts or integrate with QuickBooks or Xero to get an overview of their start-ups’ cash flow, burn rate and runway and track critical financial metrics.
Pry co-founder and CEO Andy Su says: “Our goal has always been to help as many founders as possible run their business more efficiently. With Brex’s scale and reach, we can have a much bigger impact right away.”
Brex offers a number of financial products for high-growth companies including credit cards and cash management accounts.
In January, the fintech appointed tech veteran Karandeep Anand, previously at Meta, as the company’s chief product officer (CPO).
In August last year, Brex agreed a deal to acquire Israeli start-up and tech partner Weav for $50 million.
Since its founding in 2017, Brex has raised a total of $1.2 billion from investors and is currently valued at $12.3 billion.