Launching an all-new type of card to address our new environment
When Henrique and I were first building Brex, we realized that there was an acute need for a new kind of business financial operating system. We launched Brex Cash in October 2019 on a by-invitation basis, so we could offer our cardholders a solution that could simplify basic financial workflows and provide a 10x faster experience than the clunky interfaces and endless paperwork that traditional banking systems require today. We wanted to make it easy to manage your money the way you want, giving you the freedom to dream bigger as you build your business.
What we couldn’t have predicted between then and now was what would come next. COVID-19 has radically shifted how digital companies operate. Businesses have been forced to close, and both consumer and business spending have dropped more than predicted. But in remembering how the last crisis brought us the likes of Square and Airbnb, we see room for opportunity for new and serial founders—now might just be the time to launch a company.
That’s why today, we’re releasing Brex Cash publicly after 6 months in private beta, along with an all-new type of corporate credit card that works seamlessly with the account: the Brex 1 Card. Up until today, we’ve built our Brex corporate cards to be tailored for tech, ecommerce, and life sciences companies, but our existing cards have always required proof of bank funding or VC backing to get approved. The Brex 1 Card, paired with Brex Cash, doesn’t carry any of these requirements—all you need is a business EIN. Onboarding is online and built from scratch to get you from zero to a fully functioning Cash account with corporate cards for your team in 10 minutes. No paperwork, no commuting to a branch, no waiting in line.
The Brex 1 Card offers the functionality of a debit card but the safety and protection of a credit card. With a 1-day payment cycle and limits based on your Brex Cash balance, early stage companies can keep their money secure with advanced fraud protections and no personal liability, should anything go wrong. And all of the exclusive perks and discounts we offer—like up to $100,000 in AWS Activate credit, 20% off Zoom, 25% off Slack, 50% off Dropbox and more—will be accessible to Brex 1 Card customers.
To those who dream big, looking to seize this time of uncertainty to build something new, and to the ones who have always had an idea but haven’t been sure when to start: now is your time. And we’ll be here to help you scale every step of the way.
This post describes a product offered by Brex Treasury LLC, a subsidiary of Brex Inc. Brex Inc. offers a corporate credit card.
Brex Cash is offered by Brex Treasury LLC, member FINRA/SIPC. Funds added to your Brex Cash account will be swept to one or more money market mutual funds. Brex Cash is not a bank. These funds are suitable for investors who are seeking as high a level of current income as is consistent with preserving capital and maintaining liquidity. Brex Treasury is not an investment adviser, so please review the available investment options carefully to determine if they meet your company’s needs. Past performance is no guarantee of future results. Yield is variable and may fluctuate as market conditions change.
You could lose money by investing in a money market mutual fund. Although the fund seeks to preserve the value of your investment at $1 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the FDIC or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund and you should not expect that the sponsor will provide financial support to the fund at any time.
Investors should consider the investment objectives, risks, and charges and expenses carefully before investing. See program disclosures and the applicable fund prospectus for details and other information. Contact us at (833) 228-2044 for a copy of the fund prospectus and recent performance data. You should read the prospectus carefully before investing.
Brex Treasury LLC does not charge transaction or account fees. However, money market funds bear expenses and fees. Fees are subject to change.
Member of SIPC, securities in your account are protected up to $500,000. For details, please see www.sipc.org.
Brex Cash is not available to all investors. This is not an offer, solicitation of an offer, or advice to buy or sell securities, or to open a brokerage account in any jurisdiction where Brex Treasury LLC is not registered.