New Checking and updates to Treasury and Vault
accounts offer increased saving flexibility and higher
yield
New partnership with Column N.A., Member FDIC
enables businesses to quickly and easily open new accounts, and
avoid transaction fees
SAN
FRANCISCO, June 18, 2024 /PRNewswire/ -- Brex, the
leading all-in-one financial stack supporting 1 out of 3 startups
in the U.S.**, today launched new digital banking products and a
number of updates to its flagship business account, giving founders
access to capital where and when they need it. This launch makes
Brex the only spend management platform to marry corporate cards,
expense management, bill pay, travel booking, treasury, and banking
into one vertically integrated offering.
"Henrique and I started Brex after moving from
Brazil to the Bay Area and seeing
firsthand the uphill financial battle founders face. Traditional
banking is too slow, and even 'founder-friendly' neobanks still
charge hidden fees and lack global support," said Pedro Franchesci,
Co-Founder and CEO of Brex. "Access to banking and cash is one of
the most critical factors for startup success, and we're proud to
be expanding our Banking capabilities to support founders from
inception to IPO."
Brex business accounts now benefit from new
advanced security features including comprehensive
fraud protection, authentication tools and built-in
payment approval flows, all accessible directly from the Brex
mobile app with 24/7 support via the app, by phone, or through
WhatsApp. Customers can now access three distinct accounts within
business accounts to:
- Confidently open accounts and transfer funds around the
world with the new Checking account powered by Column
N.A., with no transaction fees on ACH transfers, checks, and
domestic wires – plus international wires in over 40 currencies.
Opening a Checking account is easy and can be done entirely
online.
- Expand spending power with an updated and fully-integrated
Treasury account, making it simpler to oversee and manage funds
and earn yield from day one with auto-transfer capabilities and no
fees, minimum balance requirements, liquidity restrictions, or
waiting periods.
- Safeguard capital with the updated Vault account, where
funds are diversified across more than 20 program banks with up to
$6M of total FDIC insurance (20x the
national average).
"Banking is highly complicated and heavily
regulated, but Column built a new type of bank from the ground up
and redefined what a bank could be," said Brex Head of
Startups Jason Mok. "We partnered with Column because their unique
approach to banking provides the speed, flexible account model, and
API-first approach that no one else can. These aspects are
essential to building banking products that power our customersʼ
growth.
Brex's original business accounts launched in
2019, enabling founders to open operating accounts and manage
finances from anywhere without ever stepping foot in a bank. And
when SVB collapsed in early 2023, Brex and the Brex business
account were on the front lines helping founders in new ways.
Between March 9 and March 16
2023, Brex took in 4,000 customers and $2 billion in deposits, and within 48 hours Brex
established a $1B emergency bridge
loan to help impacted companies make payroll. More than 90% of the
customers that signed up during the week of the SVB collapse are
still active Brex customers, and more than 1/3 of customers now use
Brex business accounts.
This comes as the latest of Brex's commitment to
helping the fastest-growing startups get the most out of every
moment of their journey from day one. In addition to business
accounts, Brex offers a full financial stack for early-stage
companies:
- Get their business off the ground faster by
accessing Brex business accounts immediately upon incorporation
with Stripe Atlas.
- Unlock operating capital with higher credit limits
— without a personal guarantee — and easily issue corporate cards +
reimbursements.
- Pay vendors faster with automated bill
pay and simplify all of your onboarding and payment
processes.
- Extend their runway with over $400K in discounts, founder-friendly rewards,
exclusive invites to events with VCs in our network, and more.
To learn more about this new capability and how
Brex is giving founder a competitive edge through Banking, visit:
https://www.brex.com/journal/brex-startups-modern-banking
*Brex is a financial technology
company, not a bank. Checking accounts and banking services
provided by Column N.A., Member FDIC. Treasury and Vault are
offered by Brex Treasury LLC, Member FINRA and SIPC. Vault accounts
allow customers to sweep cash into program banks. Brex Treasury is
not a bank nor an investment adviser. Yield is
variable.
** Market share of customers activated on Brex
out of all US-headquartered startups with <50 employees and have
raised a professionally invested round in the last 8
quarters.
About Brex
Brex is the AI-powered spend
platform. We transform finance teams from reactive no-sayers to
proactive growth drivers. With Brex, companies spend with
confidence by empowering employees to make smarter financial
decisions from anywhere. Brex provides corporate cards, business
accounts, and global payments, plus intuitive software for travel
and expenses, that make it easy to plan and track all company spend
in one place, in real time. Tens of thousands of companies from
startups to global enterprises — including DoorDash, Flexport, and
Compass — use Brex to proactively control spend, reduce costs, and
increase efficiency on a global scale.
About Column
Column N.A., Member FDIC,
("Column") is a nationally chartered bank that provides regulated
and developer-first financial infrastructure for technology forward
organizations, enabling them to build innovative financial products
for their consumer and business customers. Column is both a bank
and a software company - built from the ground up - powering the
world's leading companies. Learn more at column.com.
Media Contact: press@brex.com
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SOURCE Brex