Brex, the financial technology company that helps ambitious companies scale, today unveiled a first-of-its-kind business cash management account designed to help companies simplify their financial operations, earn yield on their cash, pay for expenses and grow their business.
The Brex Cash account is seamlessly integrated with the Brex Card, with one convenient interface across Card and Cash for those who use both products.
With this new cash management account, Brex customers earn a return of 1.6% or more on their cash balances, the highest rate in the marketplace. They also earn valuable Brex Rewards points, any way they pay, across ACH / Bill Pay, credit card and wire payments. Brex Cash charges no transaction fees on any payment types. Brex Rewards points are redeemable for statement credit, travel and six airline partner loyalty mileage programs.
“Even before customers think about credit cards, they need a place to store their business capital. Brex Cash delivers just that - with an unmatched combination of ease of use, superior rewards, no fees and higher returns,” said Henrique Dubugras, co-founder and co-CEO of Brex.
Just as Brex reimagined corporate credit card onboarding, underwriting, rewards and statements, Brex has used its technology to navigate the financial and regulatory hurdles that typically exacerbate negative banking product experiences. With Brex Cash, growing companies can get instant access to their account through an all-online signup process, easily manage users and permissions, and benefit from clean, transparent statements. They can also manage all of their payments across credit card, ACH and wire, from one intuitive dashboard - an unparalleled payments experience within B2B financial software.
“Brex Cash solves all of my company’s payment needs and yields us a great rate and rewards on our capital, all with workflows and interfaces that growing businesses expect from modern software,” added Jaleh Rezai, Co-Founder and CEO, Mutiny.
Brex has partnered with Radius Bank, an innovative Boston-based financial institution, to provide payment processing services for Brex Cash. Rather than use pre-existing back-end software, Brex built the core ledger system behind its cash account from scratch, and partnered with Radius to access ACH and wire payment rails.
“Significantly improving financial services is more than bolting a nice user interface onto existing systems, it requires overhauling back-end financial infrastructure,” said Ritik Malhotra, Product Manager for Brex Cash.
“Radius is thrilled to partner with Brex on this new product. This partnership reflects our commitment to revolutionize financial technology in the banking system,” said Mike Butler, President and CEO of Radius Bank.
The Brex Cash product will be offered to existing Brex card customers on a rolling basis with public availability coming soon.