FinTech: Brex Acquires Pry Financials For $90M
Pry is a financial planning platform.
Brex, a startup focusing on startups, has acquired Pry Financials, a financial planning platform that replaces Excel for founders, helping them plan and manage budgets, create hiring plans, build financial models, predict cash runway, and more, for $90 million. (CISION PR Newswire)
Brex: The importance of Pry
Brex, which has recently placed an emphasis on providing software to startups, said that instead of buying specialized accounting software, most startups relied on a jumble of spreadsheets to control their operations, not realizing that cash flow forecasting and runway planning can be a case of “make or break.”
Pry’s platform uses simple dashboards and visualizations that allow a founder to project cash flow, track budgets and scenario plan.
Additionally, founders can directly connect their company’s bank accounts or integrate with QuickBooks or Xero to immediately get an overview of their startups’ cash flow, burn rate and runway, and track critical financial metrics.
What’s more, Pry even helps customers successfully raise their next round of funding and navigate an exit. In fact, Pry used their own product and tools to share financials with the Brex team and ultimately negotiate the acquisition.
“Our goal has always been to help as many founders as possible run their business more efficiently,” said Andy Su, Pry’s co-founder and CEO. “With Brex’s scale and reach, we can have a much bigger impact right away.”
Brex plans to soon migrate Pry onto its recently announced Brex Empower platform.
“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,” said Henrique Dubugras, co-founder and CEO of Brex, in a statement. “I’m delighted to welcome the Pry team to Brex and excited to deliver such important capabilities to our software platform.”
Related Story: Brex Wins ‘Decacorn’ Badge, Scores $300M Raise
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