Brex updates its cash management account solution with new functionalities

Thursday 23 July 2020 08:33 CET | News

Brex, a company focused on corporate credit cards and cash management, has updated functionalities and FDIC insurance on its zero-fee cash management account, Brex Cash.

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.

Brex has raised over USD 400 million in funding and is backed by partners including Y Combinator Continuity, Kleiner Perkins, and the founders of PayPal.
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Keywords: Brex Cash, Brex, accounts, banking, account management, corporate, FDIC insurance, product update
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech