FinTech startup Brex is launching a business cash management account to replace traditional business bank accounts, the company said in a press release on Wednesday (Oct. 2).
“Even before customers think about credit cards, they need a place to store their business capital. Brex Cash delivers just that — with an unmatched combination of ease of use, superior rewards, no fees and higher returns,” said Henrique Dubugras, co-founder and co-CEO of Brex.
The Brex Cash account will work with the Brex Card on one network and offers users a return of 1.6 percent or more as well as Brex reward points.
“Brex Cash solves all of my company’s payment needs and yields us a great rate and rewards on our capital, all with workflows and interfaces that growing businesses expect from modern software,” added Jaleh Rezaei, co-Founder and CEO of Mutiny.
Brex is teaming with Boston’s Radius Bank for payment processing with a newly-created back-end software.
“Significantly improving financial services is more than bolting a nice user interface onto existing systems — it requires overhauling back-end financial infrastructure,” said Ritik Malhotra, product manager for Brex Cash.
Brex Cash provides businesses with an all-in-one dashboard to seamlessly handle all transfers and payments.
“Radius is thrilled to partner with Brex on this new product. This partnership reflects our commitment to revolutionize financial technology in the banking system,” said Mike Butler, president and CEO of Radius Bank.
In June, Brex raised $100 million in venture funding, giving the company a valuation of $2.6 billion. The funding round was led by Kleiner Perkins Digital Growth Fund, with participation from all existing major investors including Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital, and IVP. The funding came a few months after Brex raised $125 million, giving it a valuation of $1.1 billion back then.
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