- Financial technology company Brex announced a new business cash management account to help companies simplify financial operations
Brex — a financial technology company that helps companies scale —announced a first-of-its-kind business cash management account designed to help companies simplify their financial operations and earns a yield on their cash, pay for expenses, and grow businesses. And the Brex Cash account is seamlessly integrated with the Brex Card with one interface across Card and Cash for those who use both products.
The account earns an industry-leading 1.6% or more yield and does not charge fees on ACH or wire payments. And it seamlessly integrates with the Brex Credit Card with rewards on all Card and Cash payments.
Through the new cash management account, Brex customers earn a return of 1.6% or more on their cash balances — which is the highest rate in the marketplace.
Plus they also earn valuable Brex Rewards points any way they pay across ACH / Bill Pay, credit card, and wire payments. And Brex Cash charges no transaction fees on any payment types. Brex Rewards points are also redeemable for statement credit, travel, and 6 airline partner loyalty mileage programs.
“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 Brex co-founder and co-CEO Henrique Dubugras.
In a similar way that Brex reimagined corporate credit card onboarding, underwriting, rewards, and statements, the company also applied a similar strategy by using its technology to navigate the financial and regulatory hurdles that typically exacerbate negative banking product experiences. And with Brex Cash, growing companies can get instant access to their account through an all-online signup process, easily manage users and permissions, and benefit from clean and transparent statements. Plus they can also manage all payments across credit cards, ACH, and wire from one intuitive dashboard.
“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 Mutiny co-founder and CEO Jaleh Rezaei.
This service was put together in partnership with Boston-based financial institution Radius Bank, which provides payment processing services for Brex Cash. And rather than using pre-existing back-end software, Brex built the core ledger system behind its cash account from scratch and partnered with Radius to access ACH and wire payment rails.
“Significantly improving financial services is more than bolting a nice user interface onto existing systems, it requires overhauling back-end financial infrastructure,” explained Ritik Malhotra, Product Manager for Brex Cash.
The Brex Cash product is going to be offered to existing Brex card customers on a rolling basis with public availability coming soon.
“Radius is thrilled to partner with Brex on this new product. This partnership reflects our commitment to revolutionize financial technology in the banking system,” stated Mike Butler, the President and CEO of Radius Bank.
Brex is based in San Francisco and has additional offices in Salt Lake Valley. Ever since the company launched, it raised $315 million in equity and $100 million in debt capital from investors like Y Combinator Continuity, Peter Thiel, Max Levchin, and several others.