Brex, a Fintech that offers cash management services and corporate cards, is now offering “Instant Payouts” for companies using Stripe, PayPal, and Square. The feature was first launched last fall for business customers to gain immediate access to cash generated by their business. Instant Payouts were first introduced to customers on Amazon and Shopify. The feature can eliminate payment delays for Brex customers.
Max Segall, Senior Product Manager at Brex, said they built Instant Payouts knowing the pain points in cash flow for small businesses – even when selling through Amazon:
“With today’s expansion to PayPal, Square and Stripe, customers can get faster access to even more of their revenue, making it easier to manage their cash flow and stay offensive about reinvesting in their businesses.”
The feature is available for a fee.
Brex notes that its customers using Instant Payouts also have access to built-in expense management, rewards of up to 8x on every purchase, which can be used to offset the instant payouts fee, and free wire and ACH transfers.
Brex points to Eric Rasmussen, founder and CEO of The Lotus Lookout – a Brex user, stating that Instant Payouts is one of the reasons they use Brex. Rasmussen calls it a game-changer.
Brex has raised over $400 million in funding and is backed by partners including Y Combinator Continuity, Kleiner Perkins, and the founders of PayPal.