Brex announced that it has transferred $200 million of its own corporate funds from large banks to Silicon Valley Bank in order to support the health of the startup ecosystem. Silicon Valley Bridge Bank, N.A (SVBB NA), a newly formed, full-service FDIC-operated ‘bridge bank,’ is now open for business, and new and existing depositors will have full access to their funds.
“For the last 40 years, Silicon Valley Bank has played an important role in driving innovation by understanding the unique needs and nuances of the startup community,” said Brex Co-Founder and Co-CEO Henrique Dubugras. “With the unlimited FDIC insurance backstop and the Bank’s importance to the technology ecosystem, we believe it is safe and prudent to deposit a portion of our funds with SVB as part of a diversification strategy.”
“SVB was instrumental in getting Brex off the ground, providing our first credit facility in the early days — for which we are eternally grateful. “We believe that no other bank supports startups and the technology industry better than SVB,” added Dubugras.
Brex customers who want to support SVB can do so by transferring funds to SVB via their Brex dashboard. If customers require assistance, Brex has a team of relationship managers ready to help. Furthermore, Brex and SVB are expanding their collaboration to bring Brex spend management to SVB customers.