Brex files for bank charter

The company has submitted an application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish Brex Bank. The 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) without the need to rely on an intermediary bank.
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