Brex, the company reimagining financial systems for growing businesses, announced enhanced features and FDIC insurance on its zero-fee cash management account, Brex Cash. These emerge after many months of regulatory and technological investment that enable a robust, lightning fast experience for customers looking to access business banking services in today’s virtual environment.
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“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”
With the general release of Brex Cash, which has been invitation-only since October, 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 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 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 Cash, giving Brex the ability to offer their customers same day liquidity with principal protection and FDIC insurance,” said Doug Pagliaro, senior vice president and executive director of the FDIC Sweep program at UMB Bank. “This partnership aligns with UMB’s strategy of working with best-in-class innovators like Brex.”
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Leveraging its proprietary technology infrastructure and significant regulatory investments, Brex offers a highly robust and fast customer experience. An enhanced, fully digital application allows businesses to get approved and receive a corporate card and Brex Cash account in under 10 minutes. Over 50% of customers today were approved instantly, while business banking incumbents typically approve customers in days or weeks. Once approved, businesses can run their banking and payment workflows entirely online through Cash, including through the mobile app. Additionally, two-factor authentication and optional approvals on every transaction are powerful features for customers looking for tight internal controls. Zero account or transaction fees, free wire transfers, and a seamless user interface have been core to the product since launch.
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