To Support the Health of the Startup Ecosystem, Brex Diversifies Its Own Corporate Funds into Silicon Valley Bridge Bank
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.
Brex empowers the next generation of businesses with integrated corporate cards and spend management software. We make it easy for our customers to manage every aspect of spending and empower their employees to make better financial decisions from anywhere they live or work. Brex proudly serves tens of thousands of growing businesses, from early-stage startups to enterprise leaders.
Karen Tillman, Chief Communications Officer