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Brex files for bank charter

Brex files for bank charter

Brex, the fast-growing firm behind a corporate credit card for startups, has filed for an Industrial Bank Charter in the US.

The company has submitted an application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish Brex Bank

The new bank intends to expand upon Brex’s existing suite of financial products and business software, offering loans and FDIC insured deposit products to small and medium-sized businesses (SMBs) without the need to rely on an intermediary bank.

The firm has hired Bruce Wallace as the proposed CEO of Brex Bank. Wallace previously served as chief operations officer, Chief digital officer and head of global services of Silicon Valley Bank (SVB). Additionally, Jean Perschon, the former CFO for UBS Bank USA with more than 25 years banking experience, will be CFO of Brex Bank

Having started as part of the Y Combinator accelerator programme in 2017, San Francisco-based Brex has grown to over 400 people and raised over $465 million in venture capital.

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