Brex Acquires Elph
First Corporate Card for Startups Acquires Digital Payments Startup to Enhance Company’s Rapid Product Development
SAN FRANCISCO, CA March 25, 2019 - Brex, the first corporate card for startups, today announced the acquisition of Elph, a San Francisco-based startup building digital payments infrastructure on top of blockchain technology.
Elph has been providing software solutions to make digital payments easy, secure, and scalable. The company specialized in building tools for developers to accept cryptocurrency payments in their applications and for consumers to store, manage, and transact their cryptocurrency.
The five founding-member Elph Team — Ritik Malhotra (CEO), Tanooj Luthra (CTO), Vamsi Chitters, Sarat Ravi, and Abhinav Lanka — will all be joining Brex to bolster the company’s product development roadmap. “The Elph team has an entrepreneurial track record of building impactful products and leading teams from inception to large scale,” said Cosmin Nicolaescu, Brex VP of Engineering. “Their experience in leading product and engineering teams and building resilient software infrastructure will accelerate our product roadmap as we move up market and expand our team.”
The Elph team brings a wealth of experience at organizations including Coinbase, Google, Box, and Yahoo. Malhotra and Luthra also previously founded Y Combinator-backed Streem, which was acquired by Box in 2014.
“Brex’s mission and focus around revamping financial infrastructure deeply resonates with us and ties in well with the expertise we built up at Elph,” said Malhotra. “The rapid growth of the business is unparalleled and combined with a top-notch product and engineering team led by Cosmin, it was clear that Brex would be the best place to bring our experience during this exciting period of hyper growth.”
For startups, Brex delivers corporate cards quickly, easily, and with higher limits than traditional corporate cards, instantly and with no personal guarantee. Founded in 2017 by the founders of Brazilian payments processor Pagar.me, Brex is backed by Y Combinator Continuity, Ribbit Capital, Greenoaks, DST Global, Peter Thiel and Max Levchin and has raised a total of $215M in funding. Brex participated in the Y Combinator Winter ’17 batch. The company’s headquarters are in San Francisco. For more information, visit www.brex.com.
SutherlandGold for Brex
The Brex Mastercard® Corporate Credit Card is issued by Emigrant Bank, Member FDIC. Terms and conditions apply. See the Brex Platform Agreement for details.
Brex Inc. provides a corporate card. Brex Treasury LLC is an affiliated SEC-registered broker-dealer and member of FINRA and SIPC that provides Brex Cash, a program that allows customers to sweep uninvested cash balances into certain money market mutual funds. Investing in securities products involves risk, including possible loss of principal. Neither Brex Inc. nor any of its affiliates is a bank. Please see brex.com/cash for important legal disclosures.