Founder of fintech company Brex, Henrique Dubugras, 27, is one of Brazil’s richest young men, with assets worth R$4.35 billion; it is estimated that he will spend around R$10 million on the celebration on the island in Pernambuco.
One of Brazil’s youngest billionaires has chosen Fernando de Noronha, in Pernambuco, as the location for his wedding. Henrique Dubugras, 27 – one of the founders of fintech company Brex – closed tourist attractions for around 10 days to hold one of the biggest celebrations ever held on the island, which has caught the attention of the internet and locals, who have nicknamed him “the sheik”.
According to the Metrópoles portal, it is estimated that the event will cost more than R$10 million. The ceremony for 600 people will take place next Saturday (7), at the Fort of Nossa Senhora dos Remédios, and will feature Maroon 5 and DJ Alok among the attractions. In addition, Dubugras and his fiancée, Laura Fiúza, have closed the most luxurious inns, such as Nannai, Maravilha and Akanã, with daily rates of around R$5,000, to host the guests.
Also according to the portal, the couple are shelling out around R$100,000 per day to close the Fort of Noronha – a secrecy contract has been drawn up with the employees who will be working on the event. There are also plans to block drones in the region on the date of the party and ban cell phones. According to the publication, even Bill Gates is expected at the celebration.
With a 28% stake in Brex, Dubugras and his partner Pedro Franceschi, 26, have accumulated assets of R$4.35 billion each, which has earned them the 87th position among the richest people in Brazil, according to a Forbes survey.
The young men went abroad to try their hand at life at an early age. They met on social media and even started a company in Brazil, Pagar.me, which was bought by Stone in 2016.
After that, they moved to the United States to study Computer Science at Stanford University. But they ended up giving up the course and returning to entrepreneurship. In 2019, Brex was born, with the mission of providing credit to projects that needed resources to get off the ground.
Based in San Francisco, in the United States, the fintech company went from small to unicorn in just 16 months. Today, it provides services such as corporate credit cards, cash management, financial planning tools and even asset management for companies.
Brex raised $300 million in a funding round led by investment firms Greenoaks Capital and TCV in January 2022. The contributions raised its market valuation to $12.3 billion.
The startup was recently voted the second most disruptive company in the world in CNBC’s Disruptor 50 ranking – the same position it held in the 2022 edition. The company was second only to OpenAI, creator of ChatGPT.
Alternative to corporate credit cards
Brex was born as an alternative to corporate credit cards. What set it apart was its focus on fast-growing businesses – the fintech offers higher limits, reward options, tailored training and masterclasses for founders, as well as advanced expense management software, which adjusts to control credit limits based on cash balances and revenue.
Among the moves it has made in the past are the launch of Brex Empower, a financial software platform with a spend management product, and the purchase of Pry Financials, a software platform with tools for budgeting, accounting and forecasting, for US$90 million.
In recent years, Brex has gone global, serving companies based in the United States and more than 100 countries; partnered with startup accelerator Techstars to gain early access to high-potential emerging businesses; and launched Catharsis, in partnership with digital health services provider Spring Health, to support the mental health of startup founders.