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To support the health of the startup ecosystem, Brex today announced it has moved $200M of its own corporate funds from big banks to Silicon Valley Bank. With the formation of a newly created, full-service FDIC-operated ‘bridge bank’, Silicon Valley Bridge Bank, N.A (SVBB NA), the bank is open for business and new and existing depositors will have full access to their money.

“Silicon Valley Bank understands the unique needs and nuances of the startup community and has played an important role in driving innovation for the last 40 years,” said Brex Co-Founder and Co-CEO Henrique Dubugras. “With the unlimited FDIC insurance backstop and the criticality of the Bank to the technology ecosystem, we believe it’s safe and wise to deposit part of our funds to SVB as part of a diversification strategy.”

“SVB played an important role in getting Brex off the ground, providing our first credit facility in the early days — which we’re so grateful for. We believe it would be hard for any other bank to support startups and the technology industry better than SVB,” continued Dubugras.

For Brex customers that want to support SVB, they can choose to transfer funds to SVB through their Brex dashboard. In case customers need help, Brex has a team of relationship managers ready to assist. Additionally, Brex and SVB are expanding their partnership to bring Brex spend management to SVB customers.

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About Brex

Brex is the first fully unified global spend platform — with corporate cards, expense management, reimbursements, bill pay, and travel, all in one place. Brex makes it easy for finance teams and founders to manage every aspect of global spend at scale by empowering their employees anywhere to make better financial decisions. Brex proudly serves tens of thousands of businesses, from enterprises to startups. To learn more about Brex's unified spend platform, visit brex.com.

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