With the general release of Brex Cash, which has been invitation-only since October 2019, customers now have the choice to hold funds in cash with FDIC insurance, or to invest in and earn yield in Money Market Funds.
The structure enabling FDIC insurance on uninvested cash reserves up to USD 250,000 is the result of a partnership with UMB. UMB Financial Corporation is a financial services company headquartered in Kansas City, Missouri. It offers commercial and institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services.
A digital application allows businesses to get approved and receive a corporate card and Brex Cash account in under 10 minutes, according to the official press release. Once approved, businesses can run their banking and payment workflows entirely online through Cash, including through the mobile app.
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