The future of marketing is --> co-created, omni channel & personalized.
And we are in the midst of this changing industry. When you interact across platforms, you leave traces of data!. Braze can leverage these cross channel interactions; create a profile on you and address you through these channels.
Imagine - you walk into Matas - you receive a notification on your phone - you bought a shampoo last month - it is probably empty now. You buy the shampoo with your debit card and receive bonus points in the app. The next time you go to the online or psychical store, your phone will remind you of your bonus points and favourite products.
You leave an item in your shopping cart in the browser, the day after you receive a 20% offer on your mobile phone. These are the exact kind of personalised and cross channel journeys, Braze allows for. Combined with SalesForce, Snowflake, HubSpot or Shopify - Braze functions as a specialized extension; allowing for complex tools that are difficult to just replicate.
Customer relationship/experience marketing like above - creates immense customer value. KFC saw a 3x increase in purchase rates, HBOmax saw 6x increase in click through rates and wealth simple saw a 40% increase in net deposits - after they started using Braze. The direct impact Braze had on this growth is unclear, but there is significant empirical evidence on the positive effects of customer relationship/experience marketing on purchasing behavior.
Braze is one of the fastest growing customer software as a service platforms out there. From 2021 to 2025 revenue grew from about 100 million to 600 million (2026: 740 million). Net income is consistently around -130M; highlighting an improving profitability. Klaviyo is a direct competitor to Braze and is both growing slightly faster and is double the size. Klaviyo 1.2B revenue, Braze 600M revenue.
They differ in their offering / product mix. Braze is a highly customizable and complex offering, that in many ways acts as a premium product at a premium price. Contrary Klaviyo is a mid product at a mid price - especially tailored for Shopify/ecommerce customers (plug & play). Whereof, Braze is especially tailored the biggest b2c businesses (developer heavy).
Braze has 1.1B in Assets and 500M in Liabilities. Leaving a handful years of runway, before capital is needed.
The thesis is - as marketing is increasingly co created, omnichannel and personalised - Braze's offerings will be more standardised. Note. There is no guarantee they won't be out competed by Klaviyo or in house features at other marketing software as a service companies like SalesForce or Hubspot.
I assess an overwhelming likelyhood, that Braze will experience high growth in the mid term with continuously improving margins. This is because Braze is a best-in-class product, in a growing category with pricing power through strong customer value creation. When scale increases, so does profitability.
Forward Price Earnings: 35.
Price Sales 3.2.
Price Book 4.4.
(Yahoo Finance, 2026).
I have put a small bet in Braze's mobile first and future oriented marketing software!. but also in Salesforce, Hubspot and Sprout Social. If Klaviyo continuously outgrows Braze, I might be inclined to shift horses. What is your thoughts on marketing software as a service?. Anything I am missing?
Not financial advice. Do your own research. I can have made mistakes.