Search Results for "Brex"
8 results for "Brex"
Deals 8
Capital One Acquires Fintech Brex for $5.15 Billion
Capital One announced the acquisition of Brex Inc. for $5.15 billion in a cash-and-stock deal. The acquisition targets Brex's corporate card, spend management, and AI-driven expense automation platform. The deal strengthens Capital One's position in business payments and embedded finance for startups and growing firms.
Fifth Third Bank and Brex Announce Multi-Year Sponsor Bank Partnership
Fifth Third Bank and Brex entered a multi-year sponsor bank partnership enabling Brex's AI-powered finance platform, including commercial cards, for Fifth Third's commercial banking clients. The deal unlocks an estimated $5.6 billion in annual payment volume. This represents a significant embedded finance integration between a major regional bank and a leading fintech.
Brex Launches Brex Embedded API Platform for Global B2B Payments
Brex launched Brex Embedded, an API-driven payments platform enabling B2B software vendors to integrate virtual corporate cards for global payments without handling underwriting or credit risk. The platform targets procurement, travel, and ERP sectors with partners like Sabre and Coupa, offering virtual cards with up to 40x higher limits and support for local currencies in 50+ countries. It accelerates customer onboarding from months to days and automates reconciliation.
OCC Approves Zero Fintech De Novo Bank Charters Under Acting Comptroller Hsu
As of October 2023, the OCC had not approved any de novo bank charter applications from fintech companies since Acting Comptroller Hsu took office. More than half of fintechs that filed since 2017 withdrew their applications. This regulatory freeze has pushed fintechs toward acquiring existing banks rather than building new ones.
Brex Expands Instant Payouts to PayPal, Square, and Stripe Merchants
Brex expanded its instant payouts service to merchants using PayPal, Square, and Stripe, enabling immediate access to earnings for a fee. Previously the feature was limited to Amazon and Shopify users. The expansion aims to improve cash flow for Brex customers who also benefit from free wires, ACH transfers, expense management, and rewards.
Brex Applies for Industrial Loan Company Charter with FDIC and Utah
Corporate credit card fintech Brex applied for an Industrial Loan Company (ILC) charter with the FDIC and Utah Department of Financial Institutions. The application followed renewed interest in ILC charters after Square and Nelnet received approvals in March 2020. Obtaining a charter would allow Brex to take deposits and reduce reliance on bank partners.
Max Levchin Highlights Embedded Lending as Fintech's Next Big Opportunity
TechCrunch reported on Max Levchin's vision for fintech's next opportunities, spotlighting how companies like Stripe Capital, Square Capital, Brex, and Shopify Capital were leveraging merchant transaction data to offer embedded lending products. This approach of using real-time cash flow data for creditworthiness was framed as the future of credit scoring.
Stripe Announces Corporate Credit Card for Business Clients
Stripe announced a corporate credit card for its business clients in September 2019, further expanding its embedded financial services offerings beyond payments and lending. The move positioned Stripe alongside competitors like Brex and Square in the corporate card space.