INSUBCONTINENT EXCLUSIVE:
product designed to replace and improve the functionality of traditional bank accounts
Brex Cash, as it will be known publicly, is a business cash management account integrated with the Brex Card, a corporate card for startups
processing fees and provide a much-needed tech infusion to antiquated banking systems
Rather, Brex plans to reward its users for making or receiving payments using Brex Cash with points redeemable for cash back, travel and air
Traditional banks are insured by the Federal Deposit Insurance Corporation (FDIC), which protects up to $250,000 per depositor
Brex Cash users are protected by the Securities Investor Protection Corporation (SIPC), a nonprofit agency overseen by the United States
Securities and Exchange Commission that protects up to $500,000 and specializes in protecting customers of brokerage firms from the loss of
Before, who was going to give their money to a random-ass startup called Brex? -Brex co-CEO Henrique DubugrasAdditionally, Brex
taken out of context, rather, the company was trying to communicate that it would take something like the United States government
provide higher limits than other options on the market has attracted thousands of customers and venture capitalists
The business, led by a pair of young Brazilian repeat entrepreneurs, including Dubugras and co-CEO Pedro Franceschi, has collected more than
will make instant loan offers to customers on its platform, and the announcement of the Stripe Corporate Card
Akin to Brex, Stripe will issue a no-fee, no interest rate credit card intended for Stripe customers
Brex and Stripe, two Y Combinator grads, will go head-to-head in a battle for customers, particularly YC grads looking for friendly
Brex may be following a similar playbook, announcing a major product on the heels of a large capital infusion.Brex Cash represents a new era
Though the product may be costly for Brex, it opens the business up to thousands more potential customers
Now, any startup, regardless of funding, can create a Brex account to store cash, explains Dubugras, and all companies using Brex Cash will
Brex poached the company, which was focused on blockchain infrastructure, right out of YC for an undisclosed amount
In retrospect, the deal looks much more like an acqui-hire of Malhotra, who had the digital payments infrastructure acumen necessary to
product.Brex Cash is itself not a cash cow for Brex; rather, the startup makes money on purchases made on its corporate card, in which it
charges the merchant, not the customer
This model is particularly beneficial when its customers are spending a lot of money, growing quickly and raising capital
Brex writes that even in downturns, entrepreneurs will start companies and attempt to raise money
The Brex Cash product, regardless of the economy, will help Brex better underwrite Brex Cards, as it gives them better access to a
