The proposed Brex Bank will be a wholly-owned subsidiary of Brex. 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).
The company intends to work in tandem with Brex Bank to help SMBs grow. Having started as part of the Y Combinator accelerator program in 2017, Brex has raised over USD 465 million in venture capital, with support from Kleiner Perkins Growth, YC Continuity Fund, Greenoaks Capital, Ribbit Capital, IVP, and DST Global.
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