Brex, the leading all-in-one financial stack supporting 1 out of 3 startups in the U.S., has officially announced the launch of several new digital banking products, along with a number of updates for its flagship business account. Giving founders access to capital where and when they need it, the development in question markedly makes Brex the only spend management platform to pack together corporate cards, expense management, bill pay, travel booking, treasury, and banking into one vertically integrated offering. Not just that, users can also come expecting comprehensive fraud protection, authentication tools, and built-in payment approval flows, all accessible directly from the Brex mobile app with 24/7 support, by phone, or through WhatsApp. Anyway, coming back to the heart of it, Brex’s proprietary platform now features three distinct solutions within its business accounts ecosystem. These solutions, for starters, will allow you to confidently open accounts and transfer funds around the world with the new Checking account powered by Column N.A. Making the proposition even more attractive would be the fact that you don’t have to pay any transaction fees on ACH transfers, checks, and domestic wires, and yet you can still enjoy international wires in over 40 currencies.
Next up, we have in play a facility to expand users’ spending power with an updated and fully-integrated Treasury account, Such a facility, like one might guess, simplifies the very process of overseeing and managing funds, as well as, earning yield from day one with auto-transfer capabilities and no fees, minimum balance requirements, liquidity restrictions, or waiting periods.
“Henrique and I started Brex after moving from Brazil to the Bay Area and seeing firsthand the uphill financial battle founders face. Traditional banking is too slow, and even ‘founder-friendly’ neobanks still charge hidden fees and lack global support,” said Pedro Franchesci, Co-Founder and CEO of Brex. “Access to banking and cash is one of the most critical factors for startup success, and we’re proud to be expanding our Banking capabilities to support founders from inception to IPO.”
Moving on, the runner also leverages an updated Vault account to safeguard your capital, an account where funds are diversified across more than 20 program banks with up to $6M of total FDIC insurance (20x the national average).
These services, although pretty significant in their own right, will join Brex’s already cutting-edge technology stack, which is designed to serve the needs of early-stage companies. In essence, this stack brings forth an access to Brex business accounts immediately upon incorporation with Stripe Atlas, and by doing so; it makes a point to get businesses off the ground faster than what we would see otherwise. Aiding that pursuit is an easier access of capital, something which translates to the availability of higher credit limits. This credit is provided without the mandate of personal guarantee. Apart from that, users can also expect easy issue of corporate cards and reimbursements. Moving on, there is available a setup to facilitate automated bill payments, and alongside that, we have a simplified brand of onboarding and payment processes. Joining the same is an extended runway with over $400K in discounts, founder-friendly rewards, exclusive invites to events with VCs, and more.
“Banking is highly complicated and heavily regulated, but Column built a new type of bank from the ground up and redefined what a bank could be,” said Jason Mok, head of Startups at Brex. “We partnered with Column because their unique approach to banking provides the speed, flexible account model, and API-first approach that no one else can. These aspects are essential to building banking products that power our customersʼ growth.
