Breaking-Finance.Com - Brex, the fast-growing firm behind a corporate credit card for startups, has filed for an Industrial Bank Charter in the US. The company has submitted an application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish Brex BankThe new bank intends to expand upon Brex’s existing suite of financial products and business software, offering loans and FDIC insured deposit products to small and medium-sized businesses (SMBs).

. Wallace previously served as chief operations officer, Chief digital officer and head of global services of Silicon Valley Bank (SVB). Additionally, Jean Perschon, the former CFO for UBS Bank USA with more than 25 years banking experience, will be CFO of Brex BankHaving started as part of the Y Combinator accelerator programme in 2017, San Francisco-based Brex has grown to over 400 people and raised over $465 million in venture capital.

Source = Breaking-Finance.Com

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