Brex bolsters Brex Cash with FDIC Insurance & appoints new Chief Legal Officer
By Pavithra R
Brex, reimagining financial systems for growing companies, has announced enhanced features and FDIC insurance on its zero-fee cash management account, Brex Cash.
With the general release of Brex Cash, customers now have the choice to hold funds in cash with FDIC insurance or to invest in and earn yield in Money Market Funds. Brex Cash features zero account or transaction fees, free wire transfers, and a seamless user interface. The structure enabling FDIC insurance on uninvested cash reserves up to $250,000 is the result of a partnership with UMB.
“We’re thrilled to be a part of this next exciting phase of Brex Cash, giving Brex the ability to offer their customers same-day liquidity with principal protection and FDIC insurance. This partnership aligns with UMB’s strategy of working with best-in-class innovators like Brex,” said Doug Pagliaro, senior vice president, and executive director of the FDIC Sweep program at UMB Bank.
Brex by leveraging its proprietary technology infrastructure and significant regulatory investments is offering robust customer experience. Businesses, by using an enhanced, fully digital application can get approved and receive a corporate card and Brex Cash account swiftly. Once approved, businesses can run their banking and payment workflows completely online through Cash, including through the mobile app. Two-factor authentication and optional approvals on every transaction helps customers looking for tight internal controls.
“Brex Cash gives its customers peace of mind when it comes to storing and accessing their money. With today’s uncertain economic and interest rate environment, offering our customers flexibility on how to store their cash is a powerful added benefit,” said Henrique Dubugras, Brex co-founder and co-CEO.
The FinTech is continuing to invest in building a top legal and regulatory compliance team, and has announced the appointment of Katie Biber, as Chief Legal Officer. Ms. Biber will be responsible for legal and compliance oversight, including its’s broker-dealer, Brex Treasury LLC. Most recently, Biber served as the General Counsel at Anchorage, a cryptocurrency platform and asset custodian company.
Founded in 2017, by Henrique Dubugras and Pedro Franceschi, Brex is rebuilding B2B financial products, starting with a corporate card for technology companies. The company recently raised $150 mn in funding led by Lone Pine Capital and DST Global. The FinTech is backed by the co-founders of PayPal (Max Levchin and Peter Thiel), Y Combinator, Ribbit Capital, Yuri Milner, and Carl Pascarella (former CEO of Visa).
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