Brex Files Application for Industrial Bank Charter with the FDIC and the Utah Department of Financial Institutions
SAN FRANCISCO, CA - February 19, 2021 - 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.”
With an innovative approach to corporate credit cards and cash management, Brex creates a radically better way for their customers to save and spend money. Having started as part of the Y Combinator accelerator program in 2017, the team has grown to over 400 people. Based in San Francisco, Brex has raised over US$465 million in venture capital, with support from Kleiner Perkins Growth, YC Continuity Fund, Greenoaks Capital, Ribbit Capital, IVP, DST Global, as well as investors like Peter Thiel and Max Levchin. Learn more about Brex.