Brex launches new digital banking products for startups

SME Banking
18/06/2024 News

Brex, the leading financial platform supporting one in three startups in the U.S., has introduced new digital banking products and updates to its Treasury and Vault accounts. These enhancements aim to provide greater saving flexibility and higher yields for startups. Partnering with Column N.A., Member FDIC, Brex now allows businesses to open accounts quickly, with no transaction fees.

Brex integrates corporate cards, expense management, bill pay, travel booking, treasury, and banking into one platform. "Traditional banking is too slow, and even 'founder-friendly' neobanks still charge hidden fees and lack global support," said Pedro Franceschi, Co-Founder and CEO of Brex. "Access to banking and cash is critical for startup success, and we're proud to expand our capabilities to support founders from inception to IPO."

The updated Brex business accounts now feature advanced security measures, including fraud protection, authentication tools, and built-in payment approval flows. Accessible through the Brex mobile app, customers benefit from 24/7 support via the app, phone, or WhatsApp. The new account options include:

• Checking Account: Powered by Column N.A., this account offers global transactions with no fees on ACH transfers, checks, domestic wires, and international wires in over 40 currencies.

• Treasury Account: This updated account features auto-transfer capabilities, no fees, minimum balance requirements, liquidity restrictions, or waiting periods, simplifying fund management and yield earnings.

• Vault Account: Diversifies funds across more than 20 program banks, offering up to $6 million in total FDIC insurance.

"Column built a new type of bank from the ground up, providing the speed, flexible account model, and API-first approach essential to powering our customers' growth," said Brex Head of Startups Jason Mok.

Since launching in 2019, Brex has enabled founders to manage finances remotely. During the SVB collapse in early 2023, Brex onboarded 4,000 customers and $2 billion in deposits within a week, establishing a $1 billion emergency bridge loan to assist impacted companies.

Brex supports startups with immediate access to business accounts upon incorporation with Stripe Atlas, higher credit limits without personal guarantees, automated bill pay, and over $400,000 in discounts and founder-friendly rewards, ensuring startups can maximize their growth potential from day one.

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