Brex live with FDIC-insured cash management account

CA-based B2B fintech company Brex announced enhanced features and FDIC insurance on its zero-fee cash management account, Brex Cash. 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.” – 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 Bank.

Founded in 2017, Brex has raised over $730 million for its corporate credit cards and cash management solutions. Its application allows businesses to get approved and receive a corporate card and Brex Cash account in under 10 minutes and over 50% of customers are approved instantly.