Brex Files Application for Industrial Bank Charter with the FDIC and the Utah Department of Financial Institutions
February 19, 2021
SAN FRANCISCO, CA - Brex, the company reimagining financial systems so growing businesses can realize their full potential, announced today that it has submitted an application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish Brex Bank, an industrial bank to be located in Draper, Utah. The proposed Brex Bank will be a wholly-owned subsidiary of Brex.
Since its inception, Brex has focused on reimagining business financial services, combining payment products with best in class financial software. In doing so, Brex has become the operating system for thousands of businesses while saving them time and money. As proposed, Brex Bank will expand upon Brex’s existing suite of financial products and business software, offering credit solutions and FDIC insured deposit products to small and medium-sized businesses (SMBs).
Brex 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). With more than 30 years of experience in the financial services industry, Wallace has worked closely with the SMB community and helped many companies grow and expand. Additionally, Jean Perschon, the former CFO for UBS Bank USA with more than 25 years banking experience, will be CFO of Brex Bank
“Brex and Brex Bank will work in tandem to help SMBs grow to realize their full potential,” said Wallace. “We thank the FDIC and UDFI for their efforts and guidance in this process and look forward to the next steps.”
Brex is a powerful financial stack designed to serve the next generation of growing businesses. By integrating software, services, and products into one experience, we help customers effortlessly extend the power of every dollar, so they’re free to focus on big dreams and fast growth—without worrying about wasted spend. We proudly serve tens of thousands of businesses, from small private companies to many of America’s most beloved public brands.