Alex Bean named Brex as Divvy's primary competitor and expressed genuine respect for Brex's innovation on the credit side of the market. Bean said Brex had announced a large valuation that he acknowledged was higher than Divvy's, making Brex the larger company by that measure. Bean said he believed the revenue gap between the two companies was smaller than the market perceived, but he could not speak to Brex's specific revenue figures, and those figures should not be taken as Brex-confirmed data.
Bean also referenced Expensify and Ramp as companies operating in adjacent parts of the market, noting that Divvy competes with Expensify on the software side by offering comparable functionality for free. He mentioned Kabbage as an example of a pure balance sheet lender in the SMB space, contrasting that model with Divvy's interchange-first approach. Bean declined to name the competitor he believed was copying Divvy's budget-focused product design, though he alluded to it being a known name in the space.