Statement underwriting

OverviewStatements we can acceptGetting startedSubmitting statements monthly

Overview

Statement underwriting is an alternative way for us to underwrite your account limit if you cannot/choose not to connect your bank account. It involves downloading a statement from your bank and manually uploading it to Brex. We’ll then base your limit off of the account balance reflected in the statement. We allow accounts to move to statement underwriting on a case-by-case basis, often for scenarios such as these:

  • Your bank is not supported by Brex.
  • You're having persistent issues connecting your bank to Brex.
  • You prefer not to connect your bank to Brex.

You can also move to statement underwriting temporarily If you're having issues connecting your bank.


Statements we can accept

Before making the switch to statement underwriting, you’ll want to make sure that your bank issues statements in a format that we can accept. In order to be used for underwriting purposes, these statements should be:

  • Complete: Statements with missing pages will not be accepted.
  • Unaltered: No redacted info and markups such as highlighting or commenting.
  • In PDF format: Screenshots, spreadsheets, scanned copies, or activity reports will only be considered in exceptional cases.
  • From business accounts only: Personal bank accounts will not be accepted.
  • From domestic bank accounts only and with funds denominated in USD.

Outside of standard bank statements, we also accept these formats:

  • Consolidated statements (i.e. one single PDF that contains multiple accounts):
    • These will be accepted as long as each account satisfies our general guidelines.
  • Certificates of deposits:
    • These are also accepted as long as their maturity is <1 year old.

Getting started

If you qualify for a move to statement underwriting, our support team will need to set it up for you. Please reach out with the following documents, depending on your company type:

Company typeInitial requirementsOngoing requirements
TechTwo most recent monthly bank statementsMost recent monthly bank statement
Ecommerce
  • Three most recent monthly bank statements
  • Balance sheet for the last five quarters
  • Profits and losses (P&L) for the last five quarters
  • Most recent monthly bank statement
  • Balance sheet for the most recent quarter
  • P&L for the most recent quarter
Life sciencesTwo most recent monthly bank statementsMost recent monthly bank statement

Note: The minimum cash balance requirements and/or monthly sales requirements will also increase with this alternative option.


Submitting statements monthly

Once you're approved for this alternative, we’ll email your account and card admins at the beginning of each month with a secure link for uploading documents. You can upload your most recent statements at any time from the Financial documents page in your Brex dashboard. Moving forward, you’ll use this same page in your dashboard to upload the previous month’s statements. Please make sure to upload statements monthly. Since we base your limit on your company’s cash balance, we cannot issue you a credit limit if we don't receive your monthly statements for an extended period of time.

Ongoing review

If you’re one of our customers making monthly payments, we can use financial statement underwriting, to assign your account’s credit limit based on financial statements. The documents we can accept include balance sheets, income statements, and cash flow statements. Account and card admins with access to financial documents will be notified when your next set of financial statements are due. This happens on a quarterly, semi-annual, or annual cadence. You can contact your Brex representative to confirm your account’s specific timeline.

In your dashboard

Once you receive a notification, you can take action by either tapping the notification directly or going to your dashboard to upload documents. Step 1: Go to Accounts > Credit. Step 2: Click Manage limit > Documents. You’ll see any documents you’ve uploaded in the past, as well as any documents pending review. Step 3: Click Upload documents to follow the prompts to upload new documents. We can accept the following types of financial documents in PDF form. Converting an Excel file to a PDF may cause the columns to flow over to a second page. If this happens, please delete or hide any unneeded Excel columns to keep all content contained to a single page. A balance sheet provides an overview of a company's assets, liabilities, and shareholders' equity at a specific point in time. It gives a snapshot of what a company owns and owes, as well as the amount invested by shareholders.

HC - Financial Statement UW 01

An income statement, also known as a profit and loss statement, shows how much revenue a company earned over a specific period of time. It also details the costs and expenses associated with earning that revenue.

HC - Financial Statement UW 02

A statement of cash flow shows the amount of cash and cash equivalents entering and leaving a company. It provides information about a company's operating, investing, and financing activities.

HC - Financial Statement UW 03
HC - Financial Statement UW 04

These documents should be official, detailed, and up-to-date in order to provide an accurate representation of your company's financial health. Note: Your document can contain multiple quarters' statements in a single file.

Manually upload statements

If you’re unable to connect your bank to your Brex account, we may instead ask you to manually submit statements. You can upload your most recent statements at any time from the Bank Statements tab in your Company Settings. Note: If this is your first time uploading statements for this bank account, you’ll be asked to upload the 2 most recent bank statements for your bank account(s). Moving forward, please continue uploading your statements for the previous month from this same location in your dashboard. We’ll also send monthly reminder emails to account or card admins with secure upload links.

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