Brex, the all-in-one financial stack, 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.”
Pedro Franchesci, Co-Founder and CEO of Brex, said:
“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. 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:
- 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).
Brex Head of Startups Jason Mok said:
“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. 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 claims that it 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:”
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.”
