Finance Breaking news Brex goes live with FDIC-insured cash management account last financial news
Breaking-Finance.Com - Brex, the company reimagining financial systems for growing businesses, today announced enhanced features and FDIC insurance on its zero-fee cash management account, Brex Cash.
Breaking-Finance.Com - 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.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 Brex 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.”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.“Fast and reliable banking workflows are necessary for any growing company, especially in today’s environment,” says Justin Wenig, co-founder and CEO of Coursedog, a cloud education technology company. “We were initially drawn to Brex Cash by the zero fees and slick user interface. With the business environment changing so much this year, the roll out of additional features like FDIC insurance and 2FA underscore Brex's continued commitment to customer trust. Brex Cash, and its integration with Card, has completely changed the way we work—storing money and paying expenses has never been so easy.”Brex continues to invest in building a top legal and regulatory compliance team, with a new executive hire, Katie Biber as Chief Legal Officer.
. Most recently serving as General Counsel at Anchorage, a cryptocurrency platform and asset custodian company, Biber has a long track record of helping launch innovative products and services, in cooperation with regulators.About Brex Treasury LLC: Brex Cash is offered by Brex Treasury LLC, an affiliated SEC-registered broker-dealer and member of FINRA and SIPC that provides Brex Cash, a program that allows customers to elect to sweep uninvested cash balances into certain money market mutual funds or FDIC-insured bank accounts at program banks. Investing in securities products involves risk, including possible loss of principal. Brex Treasury is not a bank and your Brex Cash account is not a bank account. Please see brex.com/cash for important legal disclosures. Past performance is not necessarily indicative of future results. Contact us at (833) 228-2044 for a copy of the fund prospectus and recent performance data. Brex Cash's money market mutual fund investment option is suitable for investors who are seeking as high a level of current income as is consistent with preserving capital and maintaining liquidity. Brex Treasury is not an investment adviser, so please review the available investment options carefully to determine if they meet your company’s needs. Yield is variable and may fluctuate as market conditions change. Brex Treasury LLC does not charge transaction or account fees. However, money market funds bear expenses and fees. Fees are subject to change. Securities in your money market fund account are protected by SIPC up to $500,000. For details, please see www.sipc.org.
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