20 countries are represented</p>\n<ul>\n<li>6 new countries represented: Algeria, Tunisia, Senegal, Chile, Brazil, and Singapore</li>\n<li>Of the companies that are new to the list, 28% are outside of the US.</li>\n</ul>\n</li>\n<li>\n<p>Top 10 valuation jumps since July 2021:</p>\n<ul>\n<li><a href=https://www.ycombinator.com/"https://www.ycombinator.com/companies/flock-safety/">Flock Safety</a> (jumped 74 spots to #31)</li>\n<li><a href=https://www.ycombinator.com/"https://www.ycombinator.com/companies/solugen/">Solugen (jumped 74 spots to #51)</li>\n<li><a href=https://www.ycombinator.com/"https://www.ycombinator.com/companies/gem/">Gem (jumped 69 spots to #76)</li>\n<li><a href=https://www.ycombinator.com/"https://www.ycombinator.com/companies/modern-treasury/">Modern Treasury</a> (jumped 52 spots to #48)</li>\n<li><a href=https://www.ycombinator.com/"https://www.ycombinator.com/companies/xendit/">Xendit (jumped 49 spots to #37)</li>\n<li><a href=https://www.ycombinator.com/"https://www.ycombinator.com/companies/captivateiq/">CaptivateIQ (jumped 35 spots to #71)</li>\n<li><a href=https://www.ycombinator.com/"https://www.ycombinator.com/companies/easypost/">EasyPost (jumped 34 spots to #60)</li>\n<li><a href=https://www.ycombinator.com/"https://www.ycombinator.com/companies/h1/">H1 (jumped 30 spots to #98)</li>\n<li><a href=https://www.ycombinator.com/"https://www.ycombinator.com/companies/veriff/">Veriff (jumped 28 spots to #61)</li>\n<li><a href=https://www.ycombinator.com/"https://www.ycombinator.com/companies/promise/">Promise (jumped 21 spots to #121)</li>\n</ul>\n</li>\n</ul>\n<p>You can read more about some of the featured companies <a href=https://www.ycombinator.com/"https://www.ycombinator.com/topcompanies/featured/">here.

One thing to note is that this is not an exhaustive list of YC’s top companies. We allowed founders to opt out of being listed for any reason. Here's the <a href=https://www.ycombinator.com/"https://www.ycombinator.com/companies/">full list</a> of YC companies.</p>\n<p>Congratulations to all of the fantastic companies highlighted here. We’re delighted to be part of their stories and hope these lists help potential employees, customers and investors identify companies they’d like to work with as well.<br>\n<br></p>\n<p><em>This list was published in late February 2022, just as the fighting in Ukraine began. We didn’t think it was an appropriate moment to be celebratory, and wanted to take time to turn our attention to <a href=https://www.ycombinator.com/"https://www.ycombinator.com/blog/supporting-ukraine/">the Ukrainian people</a> and the YC community being impacted by the invasion of Ukraine.</em><br>\n<br></p>\n<hr class=\"footnotes-sep\">\n<section class=\"footnotes\">\n<ol class=\"footnotes-list\">\n<li id=\"fn1\" class=\"footnote-item\"><p>Why do we use valuation? We have always said that valuation is not the best way to measure a company’s value, and we consistently warn our companies not to over-optimize their fundraising for a high valuation. That said, it’s the most commonly available metric to compare companies in the startup world. Other metrics, like revenue, are often kept private. We have a number of impressive companies who would appear on the list or rank even higher if we counted other metrics (revenue, revenue/employee, etc). <a href=https://www.ycombinator.com/"#fnref1\" class=\"footnote-backref\">↩︎</a></p>\n</li>\n</ol>\n</section>\n<!--kg-card-end: markdown-->","comment_id":"620da5f7d710a50001fba7dd","feature_image":"/blog/content/images/2022/02/yc-top-companies-list-og-image-2.png","featured":true,"visibility":"public","email_recipient_filter":"none","created_at":"2022-02-16T17:33:43.000-08:00","updated_at":"2022-04-19T16:33:56.000-07:00","published_at":"2022-02-28T08:44:00.000-08:00","custom_excerpt":"We’re excited to share the 2022 YC Top Companies. 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Veriff is an alumnus of the startup accelerator Y Combinator and employs 350 people in its locations in Tallinn and Tartu in Estonia; New York, in the USA, London in the UK and Barcelona in Spain.","tags":["Fintech","SaaS"],"ycdc_status":"Active","logo_url":"https://bookface-images.s3.amazonaws.com/logos/2dcc837fbd696b05045793dec3fbd1fd39d422c2.png","year_founded":2015,"team_size":550,"location":"Tallinn, Estonia","linkedin_url":"https://www.linkedin.com/company/veriff/","twitter_url":"https://twitter.com/veriff","fb_url":"https://www.facebook.com/veriff","cb_url":"https://www.crunchbase.com/organization/veriff","is_hiring":true,"active_job_count":0},{"id":1616,"slug":"flock-safety","name":"Flock Safety","batch_name":"S17","small_logo_url":"https://bookface-images.s3.amazonaws.com/small_logos/ee69b5c905088288ff0fc007921dde14514a40a1.png","one_liner":"The first public safety operating system that eliminates crime.","website":"http://www.flocksafety.com","long_description":"Flock Safety provides the first public safety operating system that empowers private communities and law enforcement to work together to eliminate crime. We are committed to protecting human privacy and mitigating bias in policing with the development of best-in-class technology rooted in ethical design, which unites civilians and public servants in pursuit of a safer, more equitable society. \r\n\r\nOur Safety-as-a-Service approach includes affordable devices powered by LTE and solar that can be installed anywhere. Our technology detects and captures objective details, decodes evidence in real-time and delivers investigative leads into the hands of those who matter. \r\n\r\nWhile safety is a serious business, we are a supportive team that is optimizing the remote experience to create strong and fun relationships even when we are physically apart. Our flock of hard-working employees thrive in a positive and inclusive environment, where a bias towards action is rewarded. Flock Safety is headquartered in Atlanta and operates nationwide. 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Brex proudly serves tens of thousands of growing businesses, from early-stage startups to enterprise leaders. \r\n\r\nBrex offers:\r\n- Corporate cards with 10-20x higher limits\r\n- Business accounts with easy wires\r\n- Reward options that include billboards, offsites, and coaching\r\n- Founder-friendly financial modeling tools\r\n- Bespoke, long-term capital solutions\r\n- Special events and masterclasses for founders\r\n- Advanced spend management software as startups grow\r\n\r\n","tags":["Fintech"],"ycdc_status":"Active","logo_url":"https://bookface-images.s3.amazonaws.com/logos/cb57903753e4baf1d9722d726970c5711571c1c4.png","year_founded":2017,"team_size":1100,"location":"San Francisco","linkedin_url":"https://www.linkedin.com/company/brexhq/","twitter_url":"https://twitter.com/brexHQ","fb_url":"https://www.facebook.com/BrexHQ/","cb_url":"https://www.crunchbase.com/organization/brex","is_hiring":true,"active_job_count":2},{"id":13133,"slug":"h1","name":"H1","batch_name":"W20","small_logo_url":"https://bookface-images.s3.amazonaws.com/small_logos/4ed8185d0faf80e127efdd3eb63fbd0e604f5e4a.png","one_liner":"Connecting stakeholders across the healthcare ecosystem.","website":"https://www.h1.co/","long_description":"H1 helps connect the healthcare ecosystem by providing a global platform of every healthcare professional and healthcare organization.","tags":["Health Tech","Healthcare"],"ycdc_status":"Active","logo_url":"https://bookface-images.s3.amazonaws.com/logos/d28b77c24f16148e14b30314321ebfa3ddc46f57.png","year_founded":2017,"team_size":500,"location":"New York","linkedin_url":"https://www.linkedin.com/company/h1co/","twitter_url":"https://twitter.com/h1co_","fb_url":"https://www.facebook.com/TheH1.co/","cb_url":"https://www.crunchbase.com/organization/h1","is_hiring":true,"active_job_count":0},{"id":1769,"slug":"promise","name":"Promise","batch_name":"W18","small_logo_url":"https://bookface-images.s3.amazonaws.com/small_logos/1f469f29205bdaeb83cbefb97085b4a311f3f670.png","one_liner":"A modern payment processing platform focused on government agencies.","website":"http://promise-pay.com","long_description":"Promise modernizes and humanizes government payments. 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The company was surprised to see that the simple process of accepting payments was not streamlined. So they went about building an ecosystem from scratch with a hyperfocus on making the lives of businesses simpler and that's how Razorpay was born. The company witnessed the dismal state of the online payments industry in India and understood that they have a larger and more important issue to solve - democratizing payments for Indian businesses, particularly the underserved market, the SMEs. Razorpay today powers online payments for 34 of the 42 startups in India that became unicorns in 2022. \r\n\r\nRazorpay enables payments and banking solutions for over 10Mn businesses, including the likes of Facebook, Airtel, Lenskart, Mirae Asset Capital markets, Indian Oil, National Pension Scheme, TataConsultancy Services, Swiggy, CRED, BookMyShow, Ola, Zomato, Swiggy, ICICI Prudential among others. The core premise of the vision and values that Razorpay was founded in 2014 is the same as the organization practices today. It is to make money movement simpler and easier. Razorpay is on the path of building the Central Nervous System of Digital India, the next-gen payments and banking infrastructure for Digital India. The company will continue building an ecosystem that will not just build intelligent products that will make the lives of businesses easy and efficient but also drive financial growth and innovation for small businesses. All this is being done, together, in collaboration with banks, regulators, and stakeholders so that India can build a better place for doing business.\r\n\r\nRazorpay’s valuation jumped from $1 billion to $7.5 billion in just 14 month in 2021 and has added a host of marquee investors to its captable. Razorpay is also the second Indian company to be a part of Silicon Valley’s largest tech accelerator, Y Combinator. Marquee investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator, and MasterCard have invested a total of $741.5 Mn through Series A, B, C, D, E and F funding. The last financing round of Series F led the company’s valuation to $7.5 Billion signaling one of the fastest increases in valuation for an Indian Unicorn. Razorpay plans to further scale up its Business Banking Suite, RazorpayX, and again build new banking solutions in 2023 that will help businesses focus less on handling compliance, operations and more on growth.\r\n\r\nThis commitment to make lives simpler will continue at a much deeper level now, thanks to the opportunity to make acquisitions with like-minded companies. In total, till date, Razorpay has made seven acquisitions over the course of time: \r\n\r\nAcquired Ezetap in 2022 - India’s leading offline POS company, PoshVine in 2022 - India’s leading fintech startup that provides payments-linked loyalty solutions to payment networks, banks, and businesses, IZealiant in 2022 - A mobile-first, API-enabled, and cloud-ready payment solution and made its first international foray in South-East Asia by announcing its acquisition of Curlec in 2022 - A Recurring revenue platform. TeraFin Labs in 2021 - the AI-based SaaS platform that facilitates digital financing solutions. RazorpayX Payroll in 2019 - a Payroll and HR Management Software company, to solve for seamless automation of a business’s entire payroll process, and Thirdwatch in 2019 - an Artificial Intelligence (AI) driven company specializing in big data and machine learning for real-time fraud prevention. \r\n\r\nCustomer has always been at the core of all disruption that the company does, from addressing evolving needs to delivering new solutions:\r\n\r\n- This hyperfocus helped bring Razorpay’s several Industry first innovation into the market since 2014. Razorpay became the first to launch completely digital on-boarding process for startups, first to launch support for UPI, first to launch support for Bharath QR, first to introduce recurring payments for businesses through Razorpay Route, automating payment receipts and later automating payouts and making the entire process seamless and optimized and many more were introduced aling the way. Other firsts include:\r\n\r\n- First to launch India’s Multi-Network Tokenisation solution, TokenHQ \r\n- Razorpay became India’s first payment gateway to support credit cards on UPI\r\n- Razorpay also became India’s largest omnichannel payment gateway for businesses post acquiring Ezetap which is India’s leading offline POS company that was founded with the aim to simplify the in-person offline payments experience. \r\n- Razorpay expanded health insurance policy to include LGBTQIA+ and Live-In Partners- This industry-first move made Razorpay the first Fintech unicorn in India to introduce a thoughtfully diverse and highly inclusive insurance policy for its team members. The new insurance policy, introduced recently, is applicable to all current team members of Razorpay. \r\n","tags":["Payments","Finance","India"],"ycdc_status":"Active","logo_url":"https://bookface-images.s3.amazonaws.com/logos/48a842c412c82e39ae5685642d749cd23e014c1a.png","year_founded":2014,"team_size":2700,"location":"Bengaluru, India","linkedin_url":"https://www.linkedin.com/company/razorpay/","twitter_url":"https://twitter.com/razorpay","fb_url":"https://facebook.com/razorpay","cb_url":"https://www.crunchbase.com/organization/razorpay","is_hiring":true,"active_job_count":4},{"id":1844,"slug":"opensea","name":"OpenSea","batch_name":"W18","small_logo_url":"https://bookface-images.s3.amazonaws.com/small_logos/be12a7a3bea106077960a6e544db5840291bb150.png","one_liner":"OpenSea is the world’s leading peer-to-peer marketplace for NFTs","website":"https://opensea.io","long_description":"OpenSea is building the world’s most trusted and inclusive peer-to-peer NFT marketplace. OpenSea makes minting, purchasing and selling NFTs frictionless, and offers multi-chain options for creators and collectors of all kinds to own and shape their relationships directly. Headquartered in New York, the OpenSea leadership team comes from Google, Palantir, Lyft, Uber, Stanford and Berkeley. Investors include a16z, Paradigm, Coatue.","tags":["Marketplace","Crypto / Web3","NFT"],"ycdc_status":"Active","logo_url":"https://bookface-images.s3.amazonaws.com/logos/ef73d5ccc3ea3321755dc4a656250d307dceede8.png","year_founded":2017,"team_size":250,"location":"New York","linkedin_url":"https://www.linkedin.com/company/opensea-io/","twitter_url":"https://twitter.com/opensea","fb_url":"https://facebook.com/projectopensea","cb_url":"https://www.crunchbase.com/organization/opensea","is_hiring":true,"active_job_count":2},{"id":1694,"slug":"gem","name":"Gem","batch_name":"S17","small_logo_url":"https://bookface-images.s3.amazonaws.com/small_logos/6a37f8c6b6d3cddaee978aab62ebe0f6bacec7db.png","one_liner":"Talent engagement platform","website":"https://www.gem.com/","long_description":"Gem’s talent engagement platform helps recruiting teams use data and automation to improve hiring speed, quality, and diversity.\r\n\r\nGem unifies data and context from the tools recruiters use every day, including email, applicant tracking systems, LinkedIn, and other social networks, to create a source of truth for all talent relationships. Armed with insights about the entire recruiting process, automation to reach out to talent at scale, and true cross-functional collaboration tools, TA teams can proactively and strategically plan for what’s ahead.\r\n\r\nGem's customers are savvy recruiting teams from industry-leading companies — like Wayfair, Dropbox, Nasdaq, Cisco, and Doordash — who understand that hiring the best talent in the market is key to maintaining their competitive advantage.","tags":["SaaS","B2B","Recruiting"],"ycdc_status":"Active","logo_url":"https://bookface-images.s3.amazonaws.com/logos/f0466717b936b51c650a494397292bfb91690d22.png","year_founded":2017,"team_size":200,"location":"San Francisco","linkedin_url":"https://www.linkedin.com/company/gem-recruiting-software","twitter_url":"https://twitter.com/Gem_Software","fb_url":"https://www.facebook.com/GemRecruitingSoftware/","cb_url":"https://www.crunchbase.com/organization/gem-software","is_hiring":true,"active_job_count":0},{"id":1867,"slug":"captivateiq","name":"CaptivateIQ","batch_name":"W18","small_logo_url":"https://bookface-images.s3.amazonaws.com/small_logos/d6335987a80e28fc8c303050aa104d2e7285ef01.png","one_liner":"Agile commission software to design, deploy & adapt commission plans.","website":"https://www.captivateiq.com","long_description":"CaptivateIQ is on a journey to modernize the world of incentive compensation. Our hope is that people will feel more connected at work if there is greater transparency in how they are rewarded for their efforts.\r\n\r\nWe partner with amazing companies like Carta, Intercom, Gong, and Newfront Insurance to simplify their commissions. \r\n\r\nSince launching in 2017, we have raised $63M and are backed by leading investors including Sequoia Capital, Accel, S28 Capital, Amity Ventures, and Y Combinator.","tags":["SaaS"],"ycdc_status":"Active","logo_url":"https://bookface-images.s3.amazonaws.com/logos/1a7ef862ea42f9410da7e470c717087b0ea10f62.png","year_founded":2017,"team_size":280,"location":"San Francisco","linkedin_url":"https://www.linkedin.com/company/captivateiq/","twitter_url":"https://twitter.com/captivateiq","fb_url":"https://www.facebook.com/CaptivateIQ","cb_url":"https://www.crunchbase.com/organization/captivateiq","is_hiring":true,"active_job_count":0},{"id":810,"slug":"gitlab","name":"GitLab","batch_name":"W15","small_logo_url":"https://bookface-images.s3.amazonaws.com/small_logos/af0d32f65e9007b7edbde422787633e338fa9bff.png","one_liner":"A complete DevOps platform delivered as a single application.","website":"http://gitlab.com/","long_description":"GitLab is the first single application for the entire DevOps lifecycle. Only GitLab enables Concurrent DevOps, unlocking organizations from the constraints of today’s toolchain. GitLab provides unmatched visibility, radical new levels of efficiency and comprehensive governance to significantly compress the time between planning a change and monitoring its effect. This makes the software lifecycle 200% faster, radically improving the speed of business.\r\n\r\nGitLab and Concurrent DevOps collapses cycle times by driving higher efficiency across all stages of the software development lifecycle. For the first time, Product, Development, QA, Security, and Operations teams can work concurrently in a single application. There’s no need to integrate and synchronize tools, or waste time waiting for handoffs. Everyone contributes to a single conversation, instead of managing multiple threads across disparate tools. And only GitLab gives teams complete visibility across the lifecycle with a single, trusted source of data to simplify troubleshooting and drive accountability. All activity is governed by consistent controls, making security and compliance first-class citizens instead of an afterthought.\r\n\r\nBuilt on Open Source, GitLab leverages the community contributions of thousands of developers and millions of users to continuously deliver new DevOps innovations. More than 100,000 organizations from startups to global enterprise organizations, including Ticketmaster, Jaguar Land Rover, NASDAQ, Dish Network and Comcast trust GitLab to deliver great software at new speeds.","tags":["Developer Tools","DevSecOps","Open Source"],"ycdc_status":"Public","logo_url":"https://bookface-images.s3.amazonaws.com/logos/b96521cb0dc4cb00f8463054f8f2560d30a9d1c9.png","year_founded":2012,"team_size":2000,"location":"San Francisco","linkedin_url":"https://www.linkedin.com/company/gitlab-com","twitter_url":"https://twitter.com/gitlab","fb_url":"https://www.facebook.com/gitlab/","cb_url":"https://www.crunchbase.com/organization/gitlab-com","is_hiring":true,"active_job_count":0},{"id":1893,"slug":"modern-treasury","name":"Modern Treasury","batch_name":"S18","small_logo_url":"https://bookface-images.s3.amazonaws.com/small_logos/a530f58c560c991cc2b9487c24cfa90465e961d6.png","one_liner":"Payment operations tools for money movement.","website":"http://www.moderntreasury.com/","long_description":"Modern Treasury offers tools that automate the full cycle of money movement—from payment initiation, through approvals, to reconciliation—and are accessible through web application or API.","tags":["Fintech","API"],"ycdc_status":"Active","logo_url":"https://bookface-images.s3.amazonaws.com/logos/9147ef669f7813c7f3722d27c0b221f848f7d58f.png","year_founded":2018,"team_size":160,"location":"San Francisco","linkedin_url":"https://www.linkedin.com/company/modern-treasury/","twitter_url":"https://twitter.com/moderntreasury","fb_url":"","cb_url":"https://www.crunchbase.com/organization/modern-treasury","is_hiring":true,"active_job_count":0},{"id":24,"slug":"gusto","name":"Gusto","batch_name":"W12","small_logo_url":"https://bookface-images.s3.amazonaws.com/small_logos/6ce7845c2e268525f5f04915212ac0a106fb7e3d.png","one_liner":"Provides growing businesses with everything to take care of their team","website":"https://gusto.com","long_description":"Launched in 2012 as ZenPayroll, Gusto serves more than 200,000 businesses nationwide. Each year we process tens of billions of dollars of payroll and provide employee benefits—like health insurance and 401(k) accounts—while helping companies create incredible work places.\r\n\r\nThrough one refreshingly easy, integrated platform, we automate and simplify your payroll, benefits, and HR, all while providing expert support. You and your employees will get the peace of mind you need to do your best work.","tags":["B2B","Payroll","Health Insurance"],"ycdc_status":"Active","logo_url":"https://bookface-images.s3.amazonaws.com/logos/2a30203da1637a3772a4e2dee09c2458db5b44d8.png","year_founded":2011,"team_size":2000,"location":"San Francisco","linkedin_url":"https://www.linkedin.com/company/gustohq/","twitter_url":"https://twitter.com/GustoHQ","fb_url":"https://www.facebook.com/GustoHQ/","cb_url":"https://www.crunchbase.com/organization/gusto","is_hiring":true,"active_job_count":1},{"id":1513,"slug":"solugen","name":"Solugen","batch_name":"W17","small_logo_url":"https://bookface-images.s3.amazonaws.com/small_logos/8d4235cadbab6a51a7bfa10e7b2877bdb12a26fe.png","one_liner":"Decarbonizing the chemicals industry.","website":"https://solugen.com/","long_description":"Solugen is decarbonizing the chemistry of everyday life with enzymes and innovative metal catalysts. Our new to the world Bioforge platform technology can produce high value chemical goods that are biobased and carbon negative, at cost on par with current technologies. We are making sustainable chemistry accessible to all living things, to ensure a prosperous world exists for generations.\r\n","tags":["Manufacturing","Climate","ClimateTech","Biotechnology","Industrial"],"ycdc_status":"Active","logo_url":"https://bookface-images.s3.amazonaws.com/logos/1abcc8832573aa9c95c6a205d12006bb8a9cba22.png","year_founded":2017,"team_size":200,"location":"Houston, TX","linkedin_url":"https://www.linkedin.com/company/solugen/","twitter_url":"https://twitter.com/solugen","fb_url":"","cb_url":"https://www.crunchbase.com/organization/solugen","is_hiring":true,"active_job_count":0},{"id":938,"slug":"xendit","name":"Xendit","batch_name":"S15","small_logo_url":"https://bookface-images.s3.amazonaws.com/small_logos/82971ab934851a55cee1aa3b11b22839902e7f2e.png","one_liner":"Provides payment infrastructure for Southeast Asia","website":"https://www.xendit.co/","long_description":"Xendit provides payment solutions that simplify the payment process for businesses in Southeast Asia, including Indonesia, Philippines, Malaysia, Thailand and Vietnam from SMEs, e-commerce startups to giant corporations. \r\n\r\nXendit provides a secure, easy-to-integrate payment system, and seamless payment experience supported by great customer service. With a diverse range of products, Xendit’s system can accept payments from virtual accounts, credit and debit cards, eWallets, retail outlets, and also online installments. \r\n\r\nWith our aim to build Indonesia and the Philippines’s payment infrastructure, Xendit is on its way shaping the next generation of unicorns by empowering startups to grow exponentially through the products we offer. \r\n\r\nXendit is licensed and regulated in multiple countries in Southeast Asia\r\n","tags":["Fintech","Payments"],"ycdc_status":"Active","logo_url":"https://bookface-images.s3.amazonaws.com/logos/dd0b85e9c29044b5ec02d3f899704d7917cc9ab9.png","year_founded":2015,"team_size":700,"location":"Jakarta, Indonesia","linkedin_url":"https://www.linkedin.com/company/xendit/","twitter_url":"https://twitter.com/xenditco","fb_url":"https://www.facebook.com/xendit/","cb_url":"https://www.crunchbase.com/organization/xendit","is_hiring":true,"active_job_count":1},{"id":532,"slug":"easypost","name":"EasyPost","batch_name":"S13","small_logo_url":"https://bookface-images.s3.amazonaws.com/small_logos/37f58af9ede41176af776f779ec507cd820dd514.png","one_liner":"The shipping infrastructure of the internet.","website":"http://easypost.com","long_description":"EasyPost is the missing API that makes it quick and painless to integrate shipping into your application.\r\n\r\nSome of the biggest names in retail rely on EasyPost to ship faster, smarter and cheaper. We manage the headaches involved with dated carrier technology so our customers can focus on what makes their business great. Integrate once with EasyPost and seamlessly add carriers, generate shipping labels, track packages in near real-time and insure your shipments.\r\n\r\nEasyPost is growing fast! Check out our jobs page and join the excitement: https://www.easypost.com/jobs","tags":["Logistics","Supply Chain"],"ycdc_status":"Active","logo_url":"https://bookface-images.s3.amazonaws.com/logos/e4dfdac8bc58faa9bee19d9836af534bec1097f0.png","year_founded":null,"team_size":51,"location":"San Francisco","linkedin_url":"https://www.linkedin.com/company/easypost/","twitter_url":"https://twitter.com/easypost","fb_url":"https://www.facebook.com/easypostco/","cb_url":"https://www.crunchbase.com/organization/easypost","is_hiring":true,"active_job_count":0}],"related_posts":[{"id":"64b847eef63b700001fe8526","uuid":"6a136ace-31a7-4b43-b5aa-b4f70c554e7d","title":"Introducing our newest video series: Office Hours","slug":"introducing-our-newest-video-series-office-hours","html":"<p><a href=https://www.ycombinator.com/"https://www.ycombinator.com/companies/brex/">Brex’s co-founders originally wanted to build a VR headset. <a href=https://www.ycombinator.com/"https://www.ycombinator.com/companies/goat-group/">GOAT’s co-founders set out to build an app for meeting new people over dinner. Instagram was a Foursquare competitor. Slack was a game. YouTube wanted to be a dating site. </p><p>It turns out many of the billion dollar companies you know and love today pivoted on the way to getting there, and that’s what the first episode of our newest video series <strong>Office Hours</strong> is about.</p><p>How do you know if it’s time for your startup to pivot? How can you narrow down which idea to try next — and how will you know if that next idea is the one?</p><p>In <strong>Office Hours</strong>, we’ll feature Y Combinator’s <a href=https://www.ycombinator.com/"https://www.ycombinator.com/people/">Group Partners</a> discussing the startup topics that they know better than just about anyone else in the world, because they’ve built their own successful startups and have advised thousands more. What other set of people in the world has seen zero-to-one success so many times? There is no parallel.</p><figure class=\"kg-card kg-embed-card\"><iframe width=\"200\" height=\"113\" src=https://www.ycombinator.com/"https://www.youtube.com/embed/DmehFuCMtvc?feature=oembed\%22 frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen title=\"Startup Experts Reveal Their Favorite Pivot Stories\"></iframe></figure><p>Pivots are frequently misunderstood. You might think that pivoting is something done only by the startups that don’t make it; in reality, a huge number of the best startups pivoted. The first steps on your startup journey might not be in the best direction, but they’re getting you that much closer to the path you’re looking for.</p><p>This is just the first co-production by YC's video team (Zach Both and Ryan Loughlin) and Garry Tan, president of YC, in deep collaboration with all dozen of YC’s deeply experienced group partners. Be on the lookout for the next episode of Office Hours in just a few weeks.</p>","comment_id":"64b847eef63b700001fe8526","feature_image":"/blog/content/images/2023/07/office-hours-featured.png","featured":true,"visibility":"public","email_recipient_filter":"none","created_at":"2023-07-19T13:30:38.000-07:00","updated_at":"2023-07-21T10:57:02.000-07:00","published_at":"2023-07-21T10:34:33.000-07:00","custom_excerpt":"Many of the billion dollar startups you know and love had to pivot, and that’s what the first episode of our newest video series Office Hours is about. ","codeinjection_head":null,"codeinjection_foot":null,"custom_template":null,"canonical_url":null,"authors":[{"id":"61fe29e3c7139e0001a710d2","name":"Garry Tan","slug":"garry","profile_image":"/blog/content/images/2023/03/Instagram-Image-Template--Square---21-.png","cover_image":null,"bio":"Garry is the President & CEO of Y Combinator. Previously, he was the co-founder & Managing Partner of Initialized Capital. Before that, he co-founded Posterous (YC S08) which was acquired by Twitter.","website":null,"location":null,"facebook":null,"twitter":"@garrytan","meta_title":null,"meta_description":null,"url":"https://ghost.prod.ycinside.com/author/garry/"},{"id":"645000ebb09be6000165fbad","name":"Greg Kumparak","slug":"greg","profile_image":"/blog/content/images/2023/05/greg.jpeg","cover_image":null,"bio":"Greg oversees editorial content at Y Combinator. 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Previously, he was the co-founder & Managing Partner of Initialized Capital. Before that, he co-founded Posterous (YC S08) which was acquired by Twitter.","website":null,"location":null,"facebook":null,"twitter":"@garrytan","meta_title":null,"meta_description":null,"url":"https://ghost.prod.ycinside.com/author/garry/"},"primary_tag":{"id":"61fe29efc7139e0001a71172","name":"Video","slug":"video","description":null,"feature_image":null,"visibility":"public","og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"codeinjection_head":null,"codeinjection_foot":null,"canonical_url":null,"accent_color":null,"url":"https://ghost.prod.ycinside.com/tag/video/"},"url":"https://ghost.prod.ycinside.com/introducing-our-newest-video-series-office-hours/","excerpt":"Many of the billion dollar startups you know and love had to pivot, and that’s what the first episode of our newest video series Office Hours is about.","reading_time":1,"access":true,"og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"email_subject":null,"frontmatter":null,"feature_image_alt":"A promo image for Office Hours featuring three YC group partners","feature_image_caption":null},{"id":"61fe29f1c7139e0001a71be7","uuid":"dfe1c037-74e0-460c-96ee-cc20ff699ff9","title":"Brex: The Future of Business Finance and Cash Management","slug":"brex-the-future-of-business-banking-and-cash-management","html":"<!--kg-card-begin: html--><p>When Henrique Dubugras and Pedro Franceschi joined the YC W17 batch with an idea for a VR startup, they quickly encountered a problem. They had applied for a business credit card to help fund software and other expenses and were denied. Business credit is traditionally underwritten based on the founders’ FICO scores. As international founders with less than a month of credit history, their chances of getting approved were slim to none, despite having $125K in the bank.</p>\n<p>It wasn’t just them. They discovered that, while early startup founders had access to high-fidelity payments products like <a href=https://www.ycombinator.com/"http://stripe.com/">Stripe (YC S09) right from the get-go, getting access to basic cash management and credit products was a terrible experience for everyone. Even with $125K from YC and $1–2M in venture funding, a startup’s credit limit is still likely to tap out at $20K from an incumbent creditor—which is not nearly enough to cover software, marketing, and other expenses. Cards are particularly a must have for young companies because large vendors don’t often accept ACH and other forms of alternative payment from early startups. In practice, this leads to founders resorting to using their personal credit cards for SaaS subscriptions or digital marketing, and filing reimbursements regularly.</p>\n<p>Stripe also set a great example in how they transformed the internet’s payment infrastructure. Stripe’s launch in 2009 made it possible for startups to easily collect payments online via developer-friendly APIs. Over time, Stripe has expanded to support more business models (e.g., ecommerce, SaaS, marketplaces) and verticals.</p>\n<p>While products like Stripe and Square have dramatically pushed business-to-consumer (B2C) transactions to credit cards, business-to-business (B2B) card penetration has remained stubbornly low. The US B2B payments market is three times the size of the B2C market—yet B2B digital payments penetration is 36%, half as much as B2C (67%). B2B credit card adoption is especially low, accounting for only 4% of the market.<sup id=\"footnoteid1\"><a href=https://www.ycombinator.com/"#footnote1\">1</a></sup></p>\n<p><img src=https://www.ycombinator.com/"https://ghost.prod.ycinside.com/content/images/wordpress/2021/04/brex-tpv-bar-graphic-01.jpg/" alt=\"US Payments Market\" /></p>\n<p>The extremely low penetration of credit cards in the B2B space is a historical remnant of the industry. Checks remain the most popular payments channel because, in addition to being simple and virtually free to use, they’ve been around the longest. ACH came next in the 1970s and now makes up half the payments volume as checks (mostly in recurring payments such as payroll and billing).</p>\n<p>Meanwhile, card adoption is only 4% not for a lack of demand, but because of the significant friction in the accessibility, onboarding, and utility of the product. Most banks and card providers ask for excessive documentation, take 3–5 days to onboard customers, and require a personal guarantee from business founders and owner-operators. Even then, the credit limits they offer are minimal, since they’re being underwritten on the personal credit history of the founder and not the health of the business. And a further obstacle: the walled garden of most enterprise resource planning (ERP) systems makes it difficult for new payment solutions to readily integrate with a company’s accounting software, adding administrative cost to reconciliations and making the total cost of introducing a new payment system incredibly high for small businesses.</p>\n<p>To address this massive underappreciated market opportunity (not to mention a personal pain point), Henrique and Pedro pivoted and built Brex. They had the benefit of having previously founded a Stripe-like payments company as teenagers in Brazil. They had scaled that company to $1B+ in annual payments volume, then sold it. Having already developed an understanding of the initial card infrastructure stack needed to build Brex, they were able to move fast and launched their first product within six months.</p>\n<p>The initial Brex product was a simple 30-day charge card for startups with credit limits based on cash balance. The value proposition was clear: Founders didn’t have to personally guarantee, it took less than 24 hours to get approved, and businesses could access 10–20x higher credit limits since underwriting was based on cash balance. They further differentiated the product with several intuitive features. Brex gave startup founders a daily view into the month’s cumulative expenses (vs. incumbent offerings which only offered end-of-month reconciliation). They made it 10x easier to file expenses: whenever an employee used their Brex Card to pay for something, they instantly got a text that let them immediately send in the receipt (vs. having to deal with saving receipts and filing them all at the end of the month). Lastly, they designed a rewards program for startups, offering customers things like rewards on SaaS spend and discounts on AWS and Zoom.</p>\n<p>Brex’s product-market fit was instantaneous, and the product has spread like wildfire among venture-backed startups. Within five months of launching, Brex grew from 100 to 1,000 customers. In the less than three years since launching, they’ve scaled to over 20,000 customers (including 60% of all YC companies).</p>\n<p>Henrique and Pedro’s vision for Brex isn’t just to issue credit cards to startups—it’s to become the financial operating system for growing businesses. We believe that Brex’s experience represents the next great shift in global B2B financial transactions.</p>\n<h2>The Beginning: Removing friction to unlock demand</h2>\n<p>Early on, Brex understood that removing the friction of financial products could meaningfully differentiate them from the status quo. Brex’s initial insight was simple: “You should be able to sign up for a credit card and other financial services as easily as you can set up an email address—in minutes, all online.” Once they began to onboard customers, Brex found that the demand for seamless finance was even bigger than they had initially imagined.</p>\n<p>To provide the modern and seamless service they envisioned, Brex built a risk assessment system that was fundamentally different from traditional credit card underwriting. They removed the paper-based back-and-forth of traditional KYC<sup id=\"footnoteid2\"><a href=https://www.ycombinator.com/"#footnote2\">2</a></sup> processes and built systems that could collect and verify critical business information (like beneficial ownership) in seconds. They then built their own ledger that used real-time cash, operating, and transaction data to underwrite customers to credit limits with multiple levels of authorization. Incumbent underwriters rely on point-in-time data and must build confidence in customers over long periods of time. Brex’s digital approach enabled them to instantly onboard customers with 10-20x higher credit limits than incumbents were able to offer. These methods have proven to be highly efficient: Brex’s credit losses have been lower than those of Amex and Silicon Valley Bank, even when including the impact of COVID-19.</p>\n<p>Demand for frictionless financial services soon spread far beyond venture-backed startups. Every month, more than 10,000 businesses across the country were signing up. But because their underwriting system was built for tech startups, Brex had been turning away more than 80% of those potential customers. In late 2020, Brex decided to retool their system to serve more customer segments.</p>\n<p>With the average business in mind, Brex launched a new risk system that could instantly onboard any legitimate business to a cash management account and a same-day charge card (a debit card-like product). This change enabled Brex to grow new monthly customers tenfold, and they were able to maintain instant same-day approvals for 80% of those customers. In the first quarter of 2021, Brex onboarded more customers than it did in the entire history of the company and. Today, more than 70% of new customers are traditional small and medium businesses.</p>\n<h2>Today: Scaling from cards to cash management and financial software tools</h2>\n<p>The next act for Brex was to launch complementary financial and software products beyond credit cards. Last year, they launched a service that transformed the trajectory of their platform: Brex Cash. Brex Cash was imagined as a bank account replacement product that would let Brex serve companies even before they qualify for credit. It was also a way for customers to send checks, ACH, and wire payments to vendors and third parties that didn’t accept credit cards (remember, 96% of B2B payments in the US are non-card).<sup id=\"footnoteid3\"><a href=https://www.ycombinator.com/"#footnote3\">3</a></sup></p>\n<p>But Brex Cash is not just an add-on product. It is a deeply integrated solution that reimagines and streamlines workflows for various forms of payments.</p>\n<p>Brex designed Brex Cash to be the center of a company’s financial operations, rather than an account used solely for financial services. This meant that the product had to be intuitive and designed for daily use. Brex removed all fees on ACH and wires, improved payment speed and user flows (Brex’s payment initiation is 40–50x faster than competitors’), and built in utility beyond financial services. For example, they’ve drastically reduced customers’ accounting workloads by integrating Cash into third-party accounting systems. These integrations have made it possible for SMBs like <a href=https://www.ycombinator.com/"https://www.op2labs.com//">OP2 to save the 20–30 hours a week they previously spent downloading bank statements and doing manual reconciliation.</p>\n<p>Today, Brex has more than 10,000 customers ranging from small venture-backed startups and traditional SMBs to large growth-stage businesses using both Brex Cash and the Brex Card. In our view, Cash is the foundational product that is transitioning Brex from a card-issuing company to an all-in-one finance operations platform.</p>\n<p>As Brex has scaled, so have their customers. Many of their early startup customers have grown into large organizations whose needs have evolved past simple credit cards. To keep up with customers, Brex has moved quickly to shift from a team-centric product to an enterprise product. They’ve created department- and category-level tracking tools where leadership and finance teams can better understand organizational spend against budgets. Companies can now also use Brex’s virtual cards infrastructure to issue cards to specific organizations and employees rather than dealing with individual reimbursements. This alone translates to hours of time saved for employees and finance teams. Today, large startups like <a href=https://www.ycombinator.com/"https://scale.com//">Scale AI</a> (YC S16), <a href=https://www.ycombinator.com/"https://www.rippling.com//">Rippling (YC W17), <a href=https://www.ycombinator.com/"https://www.rappi.com//">Rappi (YC W16) and <a href=https://www.ycombinator.com/"https://www.flexport.com/?utm_source=google&amp;utm_medium=paid-search&amp;utm_term=flexport&amp;utm_content=402161566078&amp;utm_campaign=us-flexport-trademarks&amp;_bt=402161566078&amp;_bk=flexport&amp;_bm=e&amp;_bn=g&amp;_bg=84747732606&amp;campaign_id=316515561&amp;gclid=CjwKCAjwg4-EBhBwEiwAzYAlspI018GdhXf142JjoTNC2OuR0GaVHDvKtchnW40hGNhIEGVuPMlc3RoCGX4QAvD_BwE\%22>Flexport (YC W14), among many others, use Brex as a central tool for managing finances.</p>\n<h2>The future: All-in-one finance</h2>\n<p>With more and more companies using Brex Cash, Brex is on its way to becoming a first of its kind all-in-one finance platform. Historically, financial operations software and financial products have existed separately. The incumbent system involves three key “stacks.” The first stack is the payments infrastructure (checks, ACH, and card networks) that processes transactions. The second is the access providers to the underlying infrastructure—institutions like Amex and Chase that manage the storage and movement of funds. Finally there is the value-added services stack, made up of products that handle administrative back-office tasks (such as Intuit, Bill.com, and Concur).</p>\n<p><img src=https://www.ycombinator.com/"https://ghost.prod.ycinside.com/content/images/wordpress/2021/04/YC-Brex-AIO-3Stacks.png/" alt=\"The 3 Stacks of Financial Services\" /></p>\n<p>Because of how this system is designed, the average SMB uses at least six different financial services and software providers to manage its business. A typical ecommerce company may use Chase for storing capital, American Express for travel and software spend, Bill.com to manage payables, Expensify to manage employee spend, Quickbooks for accounting, Shopify or Stripe for accepting payments, and a third-party lender for a longer-term working capital financing product. While all these solutions do have the ability to talk to each other, there is no single entity that has a holistic view of the business’ financial operations.</p>\n<p><img src=https://www.ycombinator.com/"https://ghost.prod.ycinside.com/content/images/wordpress/2021/05/brex-operating-system.png/" alt=\"Today's Financial Operating System\" /></p>\n<p>Brex is changing the landscape by combining financial products and software into a single platform. The company has spent the past two years building its card processing and cash management infrastructure, which in turn will power its software (e.g., Expense Management, Bill Pay). Enabled by its financial infrastructure, Brex is building the “financial operating system” for growing businesses, enabling them to spend and track payments across all mediums.</p>\n<p><img src=https://www.ycombinator.com/"https://ghost.prod.ycinside.com/content/images/wordpress/2021/04/YC-Brex-AIO-5.png/" alt=\"Brex's Financial Operating System\" /></p>\n<p>We are already seeing how integrating the financial stack is enabling greater access to financial resources and only expect these resources to improve as Brex moves closer to a true all-in-one finance platform.</p>\n<p>By owning both software and financial infrastructure, Brex is able to:</p>\n<p><strong>(1) Leverage customer data to offer better financial products than competitors:</strong> When customers make the free Brex Cash account their primary operating account, Brex gains full visibility of their customers’ financial health. Currently, Brex uses this data to predict estimated runway and dynamically sets credit limits that can be up to 10–20x more than what legacy competitors offer. <a href=https://www.ycombinator.com/"https://datrics.ai//">Datrics (YC W21) uses both Brex Cash and Card for this reason. In the future, Brex could identify startups and SMBs that serve “safer” customers (i.e., large enterprises) and leverage repayment data and relationship history to offer bill discounting/invoice factoring and other credit products.</p>\n<p><strong>(2) Drive deep value for customers via software:</strong> The payment workflow integrations that come with the Spend Management software effectively deliver a product that is not just a system-of-record but also a system-of-engagement for customers. This drives immense value not just through lower fees but cost savings and more efficient operations across the board. Back-office administrative teams spend significant hours in manual processes like standardizing invoices, matching invoices to purchase orders, managing billing information for several vendors, payment approvals, and accounts reconciliation/reporting. By integrating the financial stack, Brex can automate these processes, saving companies time and money.</p>\n<p><strong>(3) Build unique financial products:</strong> Building on its positioning as both a software and financial services provider, Brex can offer financial services products that are not readily available from incumbents. There is no better example of this than Instant Payouts, which launched in Q4 of 2020. An ecommerce merchant can instantly settle funds through the click of a button in their Brex dashboard, instead of waiting two weeks for the revenue to be distributed to their account. Funds are instantly disbursed in exchange for a fee that can be paid with Brex Card points. This is incredibly valuable because it enables ecommerce sellers to smooth out their cash flow and reinvest it in growth regardless of the selling platform. While the customer-facing product is simple, the backend infrastructure is sophisticated, integrating Brex Card, Cash and underwriting stacks.</p>\n<p><strong>(4) Lower the cost for customers:</strong> As a financial services provider and a software company, Brex is disrupting existing pricing models of point solutions in both layers. By monetizing customers through card interchange fees, Brex is able to price software far lower than a pure SaaS competitor can charge. An SMB with 20 employees may have to pay ~$4,200 per year for Expensify, Bill.com, and Quickbooks. Brex customers can pay a tenth of that in fees and get all of their spend data in a single place. Brex can choose to give even more value back to customers by making any of its products loss leaders to encourage new transactions on the platform. For example, Brex does not charge fees on any bank or wire transfers today, an unconventional practice among incumbents.</p>\n<p><strong>(5) Launch customer-centric products faster:</strong> By limiting reliance on third parties, Brex can build and launch products faster. In less than two years, the company has been able to quickly expand from a single-product company to a multiproduct company (Card, Cash, Instant Payouts, Bill Pay, and Expense Management) because they own everything from the general ledger to the credit box and can quickly build on their own infrastructure.</p>\n<p><img src=https://www.ycombinator.com/"https://ghost.prod.ycinside.com/content/images/wordpress/2021/04/brex-timeline-graphic-01.jpg/" alt=\"Brex timeline\" /></p>\n<p>As Brex scales, its data-driven underwriting algorithm will benefit immensely from an expanding customer base that feeds back into the company’s models. Over time, this should yield a lower-delinquency credit book. On the flip side, the diversification of the credit book and seasoning across economic periods should yield cheaper cost of capital over time, which will translate to higher margins for Brex and/or lower pricing for its customers. Brex is also among the first fintech companies (and the first in a B2B use case) that has filed for an industrial loan charter, which will allow Brex Cash to transform into a full-fledged “business bank.” With the ability to lend using Brex Cash customers’ deposits, Brex will be able to provide loans and credit cards at a lower cost of capital.</p>\n<p>The financial upsides of an integrated system are significant. The overall infrastructure and ease of use create more capital for both small and growing businesses. Digitizing B2B finances can entirely change the trajectory of a business. <a href=https://www.ycombinator.com/"https://www.op2labs.com//">OP2 uses both Brex Cash and Card because the combination enables credit limits three times higher than the next competitor, which has allowed the company to meaningfully grow. We see the future of Brex as existing hand-in-hand with the future of growing businesses.</p>\n<h2>Conclusion: The inevitability of digital B2B payments</h2>\n<p>In the past decade, we’ve seen the emergence of large players that have reduced friction and enabled digitization of consumer-to-business (C2B) payments by helping both consumers pay digitally (Cash App and PayPal) and helping merchants accept digital payments (Square and Stripe). Meanwhile, B2B payments account for nearly 3x the volume of C2B and the electronic payment penetration is fractional in comparison. The digitization of B2B payments is inevitable in the decades to come.</p>\n<p>There is no one way to address this problem, and the market has a spectrum of use cases that need to be addressed. This is also not a zero-sum game; we believe the $25T B2B payments market is large enough to support several companies. Brex is only one of the companies that has revealed the underlying demand and it has only grown more desperate in COVID. In a recent Mastercard study of payment type usage during the pandemic, online card payments saw the greatest increase (+60%) while cash (-34%) and checks (-24%) decreased the most. Legacy players’ archaic infrastructure and high-fee models have created a natural ceiling for how many businesses they can service. Just like consumer payments adoption, we believe that the majority of digital payment adoption will be led by Brex and other modern fintech companies, such as <a href=https://www.ycombinator.com/"https://www.moderntreasury.com/?utm_medium=search&amp;utm_source=Google&amp;utm_campaign=Google-brand-2019-02-11&amp;utm_content=search-brand&amp;utm_term=modern%20treasury&amp;utm_campaign=Google-brand-2019-02-11&amp;utm_source=adwords&amp;utm_medium=ppc&amp;hsa_acc=9452648776&amp;hsa_cam=1702893340&amp;hsa_grp=69100369840&amp;hsa_ad=337065672658&amp;hsa_src=g&amp;hsa_tgt=kwd-633654608865&amp;hsa_kw=modern%20treasury&amp;hsa_mt=e&amp;hsa_net=adwords&amp;hsa_ver=3&amp;gclid=CjwKCAjwg4-EBhBwEiwAzYAlspc-ch4IBRzFtcMi0y6SkvdrmGeCqnsqKIet0xRgaAolG0-SOU4xghoCRoEQAvD_BwE\%22>Modern Treasury</a> (YC S18) and <a href=https://www.ycombinator.com/"https://routable.com//">Routable (YC S17). We are excited about the next decade of B2B payments and believe many new multibillion-dollar businesses will emerge.</p>\n<p><em>Thank you to the Brex team, Mia Mabanta, and Chloe Gordon for reading multiple drafts of this essay, and to Zain Ali for designing the graphics.</em></p>\n<h2>Notes</h2>\n<p><b id=\"footnote1\">1.</b> Mastercard, SunTrust &#8211; Electronic B2B Payments: The Next Frontier <a href=https://www.ycombinator.com/"#footnoteid1\">↩</a><br />\n<b id=\"footnote2\">2.</b> Know-Your-Customer, a standard customer identity verification process <a href=https://www.ycombinator.com/"#footnoteid2\">↩</a><br />\n<b id=\"footnote3\">3.</b> Mastercard, SunTrust &#8211; Electronic B2B Payments: The Next Frontier <a href=https://www.ycombinator.com/"#footnoteid3\">↩</a></p>\n<!--kg-card-end: html-->","comment_id":"1104798","feature_image":"/blog/content/images/2022/02/brex-timeline-graphic-01.jpg","featured":false,"visibility":"public","email_recipient_filter":"none","created_at":"2021-04-25T23:30:26.000-07:00","updated_at":"2022-10-17T12:22:05.000-07:00","published_at":"2021-04-25T23:30:26.000-07:00","custom_excerpt":null,"codeinjection_head":null,"codeinjection_foot":null,"custom_template":null,"canonical_url":null,"authors":[{"id":"61fe29e3c7139e0001a7107b","name":"Anu Hariharan","slug":"anu-hariharan","profile_image":"/blog/content/images/2022/02/Anu.png","cover_image":null,"bio":"Anu is a Managing Director & Partner at YC Continuity. Previously, Anu was a Partner at a16z, where she worked actively with the management teams of companies including Airbnb, Instacart, and Medium.","website":null,"location":null,"facebook":null,"twitter":null,"meta_title":null,"meta_description":null,"url":"https://ghost.prod.ycinside.com/author/anu-hariharan/"},{"id":"61fe29e3c7139e0001a710b2","name":"Nic Dardenne","slug":"nic-dardenne","profile_image":"/blog/content/images/2022/02/Nic.jpg","cover_image":null,"bio":"Nic is a principal at YC Continuity. Nic has helped support the teams at Brex, Convoy, Faire, Groww, Monzo, Rappi, Segment, Snapdocs, and Vouch. Before YC, Nic worked as an analyst at Morgan Stanley.","website":null,"location":null,"facebook":null,"twitter":null,"meta_title":null,"meta_description":null,"url":"https://ghost.prod.ycinside.com/author/nic-dardenne/"}],"tags":[{"id":"61fe29efc7139e0001a7116d","name":"Essay","slug":"essay","description":null,"feature_image":null,"visibility":"public","og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"codeinjection_head":null,"codeinjection_foot":null,"canonical_url":null,"accent_color":null,"url":"https://ghost.prod.ycinside.com/tag/essay/"},{"id":"61fe29efc7139e0001a71170","name":"Startups","slug":"startups","description":null,"feature_image":null,"visibility":"public","og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"codeinjection_head":null,"codeinjection_foot":null,"canonical_url":null,"accent_color":null,"url":"https://ghost.prod.ycinside.com/tag/startups/"},{"id":"61fe29efc7139e0001a711b8","name":"#1556","slug":"hash-1556","description":null,"feature_image":null,"visibility":"internal","og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"codeinjection_head":null,"codeinjection_foot":null,"canonical_url":null,"accent_color":null,"url":"https://ghost.prod.ycinside.com/404/"}],"primary_author":{"id":"61fe29e3c7139e0001a7107b","name":"Anu Hariharan","slug":"anu-hariharan","profile_image":"https://ghost.prod.ycinside.com/content/images/2022/02/Anu.png","cover_image":null,"bio":"Anu is a Managing Director & Partner at YC Continuity. Previously, Anu was a Partner at a16z, where she worked actively with the management teams of companies including Airbnb, Instacart, and Medium.","website":null,"location":null,"facebook":null,"twitter":null,"meta_title":null,"meta_description":null,"url":"https://ghost.prod.ycinside.com/author/anu-hariharan/"},"primary_tag":{"id":"61fe29efc7139e0001a7116d","name":"Essay","slug":"essay","description":null,"feature_image":null,"visibility":"public","og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"codeinjection_head":null,"codeinjection_foot":null,"canonical_url":null,"accent_color":null,"url":"https://ghost.prod.ycinside.com/tag/essay/"},"url":"https://ghost.prod.ycinside.com/brex-the-future-of-business-banking-and-cash-management/","excerpt":"When Henrique Dubugras and Pedro Franceschi joined the YC W17 batch with an ideafor a VR startup, they quickly encountered a problem. They had applied for abusiness credit card to help fund software and other expenses and were denied.Business credit is traditionally underwritten based on the founders’ FICOscores. As international founders with less than a month of credit history,their chances of getting approved were slim to none, despite having $125K in thebank.It wasn’t just them.","reading_time":12,"access":true,"og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"email_subject":null,"frontmatter":null,"feature_image_alt":null,"feature_image_caption":null},{"id":"625def9f54a948000183a433","uuid":"2e36e093-7b59-4a90-8ff5-a93e5330af4e","title":"YC Founder Firesides: Brex on spend and speed as a strategy","slug":"yc-founder-firesides-brex-on-spend-and-speed-as-a-strategy","html":"<p><a href=https://www.ycombinator.com/"https://www.ycombinator.com/companies/brex/">Brex went through YC in Winter 2017, and now serves over 50,000 companies, and 40% of US startups.<br><br>Last week they announced the launch of <a href=https://www.ycombinator.com/"https://www.brex.com/journal/introducing-brex-empower//">Brex Empower</a>, a software platform that helps scaling companies manage their spend and stay financially disciplined while still moving at startup speed. </p><p>They built the product to solve the problems Brex itself faced as they started growing – and launched with DoorDash as one of their first customers. </p><p>YC’s Anu Hariharan sat down with Brex Co-CEO Henrique Dubugras to talk about the launch of Empower and Henrique’s advice for startup founders and CEOs. <br><br><strong>You can listen here on <a href=https://www.ycombinator.com/"https://twitter.com/i/spaces/1vAxRkMlvqPKl?s=20\%22>Twitter Spaces</a>. </strong><br><br><strong>12:44</strong> - What is Brex Empower? And why did you decide to launch it now?</p><ul><li>40% of US-based startups use Brex, and as Brex and their customers grew, new needs started to arise. Brex wanted to build a product that would serve both Brex and their scaling customers.</li><li>Henrique talks about how to retain a culture of trust as your company grows.</li></ul><p><strong>16:55</strong> - What scaling challenges was DoorDash having that they thought Brex Empower could help them with?</p><ul><li>DoorDash has 9,000 employees now and they’re constantly testing new things in different markets.</li><li>Henrique talks about the challenge of balancing speed and operational efficiency with financial discipline. How do you balance team growth and speed?</li></ul><p><strong>21:05</strong> - Speed as a strategy at Brex</p><ul><li>There shouldn’t have to be a tradeoff between speed and quality or speed and financial responsibility.</li><li>Henrique shares how Brex analyzes processes and tools that help them stay nimble. </li></ul><p><strong>24:50 </strong>- 3 features Brex Empower customers are excited about</p><ul><li>Automatic receipts</li><li>Less expense approval for managers</li><li>Better budget visibility - keeping teams accountable in real time</li></ul><p><strong>28:50 </strong>- How spend is changing in the remote work world</p><ul><li>Brex became remote first during the pandemic.</li><li>Henrique and Anu talk about how spend is changing for remote companies.</li></ul><p><strong>32:35</strong> - Henrique talks about the biggest challenges they faced while building Brex Empower </p><p><strong>36:10</strong> - Who is the right customer for Empower?</p><ul><li>Henrique shares two inflection points that indicate you’re a good customer for Brex Empower.</li></ul><p><strong>37:40</strong> - The future of Empower and Brex </p><p><strong>42:00</strong> - On Brex’s writing culture</p><p><strong><u>Audience questions</u></strong></p><p><strong>45:37 </strong>- What was your process for reaching product market fit at Brex/when did you know you’d achieved it? </p><p><strong>48:05</strong> - What convinced you to apply to YC?</p><p><strong>49:45 </strong>- What happens when blockchain takes hold of the credit card space? </p><p><strong>50:55 </strong>- Anu shares two early memories about the Brex team.</p><p><strong>53:05 </strong>- Early on, how much did you focus on rewards vs. the product/platform? </p><p><strong>57:55 </strong>- How much time did you spend on customer validation?</p><p><strong>1:00:02 </strong>- Henrique’s super power </p><p><strong>1:01:25</strong>: - What do you push other YC founders on when encouraging them to dream big?</p>","comment_id":"625def9f54a948000183a433","feature_image":"/blog/content/images/2022/04/BlogTwitter-Image-Template--23-.png","featured":true,"visibility":"public","email_recipient_filter":"none","created_at":"2022-04-18T16:09:19.000-07:00","updated_at":"2022-04-21T08:33:00.000-07:00","published_at":"2022-04-21T08:24:00.000-07:00","custom_excerpt":"YC’s Anu Hariharan sat down with Brex Co-CEO Henrique Dubugras to talk about the launch of Empower and Henrique’s advice for startup founders and CEOs. 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Y Combinator Top Companies - February 2022

by Y Combinator2/28/2022

We’re excited to share the 2022 YC Top Companies. In addition to the list of top companies, we also launched the YC Breakthrough Companies list to highlight the fast-growing companies that have received between $15M-$300M from YC.

Both lists include private, public and exited companies valued at $150M or more and are sorted by valuation^[1] or market cap as of February 2022.

Here are some stats about this year’s list:

• More than 260 YC companies are valued at $150M+ and more than 60 companies are valued at $1B+.

• 99 new companies joined the list since our last update in July 2021.

• More companies are operating remotely

  • 11% of the top companies are remote first.
  • Three of the top ten private companies are remote first (OpenSea, Brex, Gitlab).

• 20 countries are represented

  • 6 new countries represented: Algeria, Tunisia, Senegal, Chile, Brazil, and Singapore
  • Of the companies that are new to the list, 28% are outside of the US.

• Top 10 valuation jumps since July 2021:

  • Flock Safety (jumped 74 spots to #31)
  • Solugen (jumped 74 spots to #51)
  • Gem (jumped 69 spots to #76)
  • Modern Treasury (jumped 52 spots to #48)
  • Xendit (jumped 49 spots to #37)
  • CaptivateIQ (jumped 35 spots to #71)
  • EasyPost (jumped 34 spots to #60)
  • H1 (jumped 30 spots to #98)
  • Veriff (jumped 28 spots to #61)
  • Promise (jumped 21 spots to #121)

You can read more about some of the featured companies here.

One thing to note is that this is not an exhaustive list of YC’s top companies. We allowed founders to opt out of being listed for any reason. Here's the full list of YC companies.

Congratulations to all of the fantastic companies highlighted here. We’re delighted to be part of their stories and hope these lists help potential employees, customers and investors identify companies they’d like to work with as well.

This list was published in late February 2022, just as the fighting in Ukraine began. We didn’t think it was an appropriate moment to be celebratory, and wanted to take time to turn our attention to the Ukrainian people and the YC community being impacted by the invasion of Ukraine.

---

1. Why do we use valuation? We have always said that valuation is not the best way to measure a company’s value, and we consistently warn our companies not to over-optimize their fundraising for a high valuation. That said, it’s the most commonly available metric to compare companies in the startup world. Other metrics, like revenue, are often kept private. We have a number of impressive companies who would appear on the list or rank even higher if we counted other metrics (revenue, revenue/employee, etc). ↩︎

Categories

YC NewsYC ContinuityFounder StoriesStartups

Companies Mentioned

Veriff (W18)

AI-powered identity verification solution for fraud prevention.

Flock Safety (S17)

The first public safety operating system that eliminates crime.

5 open jobs

Brex (W17)

Business accounts, corporate cards, and spend management software.

2 open jobs

H1 (W20)

Connecting stakeholders across the healthcare ecosystem.

Promise (W18)

A modern payment processing platform focused on government agencies.

Razorpay (W15)

India's leading financial platform for all things payments & banking…

4 open jobs

OpenSea (W18)

OpenSea is the world’s leading peer-to-peer marketplace for NFTs

2 open jobs

Gem (S17)

Talent engagement platform

CaptivateIQ (W18)

Agile commission software to design, deploy & adapt commission plans.

GitLab (W15)

A complete DevOps platform delivered as a single application.

Modern Treasury (S18)

Payment operations tools for money movement.

Gusto (W12)

Provides growing businesses with everything to take care of their team

1 open jobs

Solugen (W17)

Decarbonizing the chemicals industry.

Xendit (S15)

Provides payment infrastructure for Southeast Asia

1 open jobs

EasyPost (S13)

The shipping infrastructure of the internet.

Other Posts

Introducing our newest video series: Office Hours

July 21, 2023 by Garry Tan, Greg Kumparak

Read More

Brex: The Future of Business Finance and Cash Management

April 26, 2021 by Anu Hariharan, Nic Dardenne

Read More

YC Founder Firesides: Brex on spend and speed as a strategy

April 21, 2022 by Y Combinator

Read More

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