Forbes’ most recent list of the world’s youngest billionaires puts Pedro Franceschi, just 25, in third place with an estimated worth of $1.5 billion. He is also the youngest billionaire in Latin America because he was born in Brazil. Only 19-year-old Kevin David Lehmann from Germany and 25-year-old Alexandra Andersen from Denmark are better than this man (Norway). Here we tell you more about this man and how he became so rich at such a young age.
Who is Pedro Franceschi?
Pedro Franceschi is co-CEO of Brex, a fintech startup that started in 2017 and wants to change the world of credit cards. Forbes says the young man became a billionaire in January 2022, when his California-based company raised money from private investors and was valued at $12.3 billion, which is a pretty big number.
They launched Brex after realizing:
How difficult it was to gain access to capital from traditional banks, especially as international founders with minimal credit history. pic.twitter.com/yBCpjqHgyj
— Tech Misfits (@TechMisfitsNFT) August 3, 2022
From a young age, the young Brazilian was interested in computers and technology. Between the ages of 8 and 9, he used Google to learn programming and even learned how to hack iPhones to earn money. At age 14, he created an iPad app that allowed him to run multiple apps at the same time. He also worked on other projects that got him noticed. This helped him get jobs at some big companies while he was still a teenager. Between 2009 and 2013 he worked on Brain Juice, Sync Mobile, and M4U.
Several profiles say that the man met his Brazilian friend Henrique Dubugras in 2012 when they were arguing on Twitter about who made the best code. So, they started working together. They started a small business payments company called Pay.me, but sold it in 2015. They both went to Stanford University for a year, but dropped out to start working on Brex.
“We are reinventing financial systems so that every growing business can reach its full potential,” Brex says on its website. He also says: “We are building the financial operating system to connect the services and software they need on their journey. We will build everything businesses need to start secure, grow fast, and reach their full potential as they build the future.”
He says that Airbnb, Classpass and many other companies are among his clients. They also have help from the people who started PayPal.
Their software has many different tools, such as the ability to track spending and give small businesses options for startup or corporate credit cards. The company is only five years old, but it has already received a lot of money from investors. This could lead to a lot of growth and a broader range of clients, which could see Franceschi and Kevin David Lehmann move up the billionaire list.
The team he formed with Henrique Dubugras is interesting because they both run the company as co-CEOs, which is unusual for a company like theirs, but it is possible that they will remain in that position for years to come.
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