Money Makers Mentor

Brex Files Application for Industrial Bank Charter with FDIC

Fintech Brex announced in a statement on Feb. 19 that it has submitted an application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish Brex Bank. The proposed industrial bank will be located in Draper, Utah, and be a wholly-owned subsidiary of Brex.

The fast-growing company sells a credit card tailored specifically for startups with Emigrant Bank acting as the user. It was co-founded by Henrique Dubugras and Pedro Franceschi.

Brex picked former Silicon Valley Bank (SIVB) executive Bruce Wallace to serve as the subsidiary’s CEO. He served in a variety of roles at SVB, including COO, chief digital officer and head of global services. The company also named Jean Perschon, the former CFO for UBS Bank USA (UBS), …

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