Brex files application for industrial bank charter in US

Monday 22 February 2021 10:20 CET | News

US-based Brex, a financial service and technology company, has announced that it has submitted an application to establish Brex Bank, an industrial bank to be located US.

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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Keywords: Brex, bank charter, brex bank, industrial bank, SMBs, Venture Capital, fintech
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech