Brex launches digital banking products

In a bid to provide founders with access to capital whenever they need it, Brex, an all-in-one financial stack which supports startups in the US, introduced a number of digital banking products and new updates to its business account service. Through this, Brex merges corporate cards, expense management, bill payments, travel booking, treasury, and banking into a vertically integrated offering. Brex underlined its commitment to providing access to banking and cash to startups and supporting them from inception to IPO, with the current news working towards achieving this objective.

US-based unified global spend platform Brex has announced the launch of additional digital banking products and several updates to its business account.

What do Brex’s new capabilities include?

With the additional updates, Brex business accounts received increased security features, including comprehensive fraud protection, authentication tools, and built-in payment approval flows, which can be accessed directly from the Brex mobile app. Also, customers can utilise three individual accounts within business accounts, allowing them to:

Open accounts and transfer funds globally within the new Checking account enabled by Column N.A, having no transaction fees on ACH transfers, checks, and domestic wires, as well as international wires in more than 40 countries;
A Treasury account that enables customers to supervise and manage funds, with Brex not imposing fees, minimum balance requirements, liquidity restrictions, or waiting periods;
A Vault account where funds are branched out across over 20 program banks with up to USD 6 million of total FDIC insurance.

Moreover, representatives from Brex highlighted that their company collaborated with Column due to its capabilities and outlook on banking, with them aiming to deliver a flexible account model and API-first approach. Besides business accounts, Brex currently offers a financial stack for early-stage companies, enabling them to start their business more conveniently, unlock operating capital with increased credit limits, pay vendors with automated bill pay, and extend their runway with discounts and founder-friendly rewards, among others.

Brex introduces digital banking products

What do Brex’s new capabilities include?