Brex Files Application for Industrial Bank Charter
Brex, the company reimagining financial systems so growing businesses can realize their full potential, announced today that it has submitted an application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish Brex Bank, an industrial bank to be located in Draper, Utah. The proposed Brex Bank will be a wholly-owned subsidiary of Brex.
Since its inception, Brex has focused on reimagining business financial services, combining payment products with best in class financial software. In doing so, Brex has become the operating system for thousands of businesses while saving them time and money. 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).